BNY Mellon Can't Escape $2B Forex Fraud Suit

Law360, New York (August 6, 2013, 5:46 PM EDT) -- A New York state judge on Tuesday largely denied the Bank of New York Mellon’s bid to dismiss a suit brought by the state attorney general over an alleged $2 billion foreign exchange fraud scheme, saying most of the attorney general's claims were plausible or needed further determinations.

According to Judge Marcy S. Friedman, most of the allegations of the plaintiffs — which also include New York City Comptroller John Liu and several NYC pension funds — that the bank had overcharged them for forex transactions...
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