BNY Mellon Settles With Prudential Over $28M In Forex Trades

Law360, New York (June 19, 2012, 2:39 PM EDT) -- The Bank of New York Mellon Corp. has agreed to repay more than half of $28 million generated by the bank in foreign exchange transactions with Prudential Financial Inc.'s money, after Prudential complained about unfair pricing, according to an amended U.S. Department of Justice complaint.

The amended complaint, filed earlier this month, said that in February 2011, Prudential approached BNYM concerning BNYM’s pricing of Prudential’s “standing instruction” transactions.

“Subsequently, BNYM and Prudential engaged in several discussions regarding the disadvantageous pricing of Prudential’s standing instruction transactions,” the...
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