BNY Mellon Judge Says FIRREA Suits Can Target Banks

Law360, New York (March 28, 2013, 8:57 PM EDT) -- Bank of New York Mellon may have to face a federal civil prosecution for allegedly defrauding its forex customers, a federal judge indicated Thursday, saying that a federal law meant to help prosecutors fight fraud against banks can also be used to bring fraud suits against banks themselves.

U.S. District Judge Lewis Kaplan said that he will likely rule that the Financial Institutions Reform Recovery and Enforcement Act can be used to sue Bank of New York Mellon for allegedly lying about the rates it offered...
To view the full article, register now.

Related

Sections

Case Information

Case Title

United States of America v. The Bank of New York Mellon Corporation


Case Number

1:11-cv-06969

Court

New York Southern

Nature of Suit

Fraud or Truth-In-Lending

Judge

Lewis A. Kaplan

Date Filed

October 4, 2011

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.