BNY Mellon Loses On 2 Discovery Motions In FX MDL

Law360, New York (October 25, 2013, 1:32 PM EDT) -- A federal magistrate judge in New York on Thursday ruled against Bank of New York Mellon Corp. on two separate requests for more documents from state and local pension funds that are part of multidistrict litigation accusing the bank of manipulating foreign currency exchange transactions.

The denials of BNY Mellon's document requests are among the latest development in an ongoing MDL alleging the bank misled customers with its Standing Instruction Service, which executes foreign exchange transactions for its custodial clients, according to court documents. While telling...
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.