BNY Mellon Can't Shake Currency Fraud Suit

Law360, Los Angeles (April 24, 2013, 6:27 PM EDT) -- A New York federal judge Wednesday greenlighted the U.S. government's suit accusing The Bank of New York Mellon Corp. and one of its employees of overcharging clients for trading currencies, ruling the suit adequately pleads violations of a rarely-used law banning wire fraud affecting a federally-insured bank.

U.S. District Judge Lewis A. Kaplan ruled that the U.S. Department of Justice may continue its suit against BNY Mellon and David Nichols under the Financial Institutions Reform, Recovery and Enforcement Act, which Congress passed in the wake of...
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.