BNY Mellon, Va. Settle Fraud Suit Over Currency Trading

Law360, New York (November 9, 2012, 7:38 PM EST) -- A Virginia judge on Friday dismissed a case brought by that state’s attorney general accusing Bank of New York Mellon Corp. of defrauding pension funds by inflating the cost of foreign exchange transactions, following an agreement reached between the bank and the Virginia Retirement System.

Judge Terrence Ney of the Circuit Court for Fairfax County granted a joint motion from the parties and issued a final order dismissing the action with prejudice.

The move came a day after BNY Mellon announced that it has cemented a...
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