Judge Won't Toss Suit Over BNY Mellon Forex Rates

Law360, New York (January 23, 2013, 8:13 PM EST) -- A New York federal judge on Wednesday declined to dismiss a class action in multidistrict litigation brought by a Pennsylvania public transportation authority accusing Bank of New York Mellon Corp. of manipulating foreign currency exchange transactions, saying key questions remained about the contracts governing the transactions.

U.S. District Judge Lewis A. Kaplan partially tossed claims of breach of fiduciary duty and dismissed claims of unjust enrichment and breach of implied covenant from a suit filed by the Southeastern Pennsylvania Transportation Authority, but said the case still...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.