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NY attorney general seeks $2B recovery from Mellon

BusinessWeek 10/04/2011 15:02
NY attorney general seeks $2B recovery from Mellon - Eric Schneiderman - BNY Mellon - New York - Business


New York Attorney General Eric Schneiderman is suing Bank of New York Mellon, claiming it defrauded clients in foreign currency exchange transactions and seeking $2 billion allegedly earned that way over 10 years.



According to Schneiderman's office, BNY Mellon misrepresented rates it would give currency transactions, providing nearly the worst rates of the trading day instead of the best. The case began with a 2009 whistle-blower complaint followed by an investigation.

The bank says the lawsuit is "prosecutorial overreach" based on "a fundamental misunderstanding" of the role of custodian banks in the global foreign currency market.


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