BNY Mellon in settlement talks over forex fraud, sources tell Reuters

Section:

By Karen Freifeld and Nate Raymond
Reuters
Tuesday, February 24, 2015

NEW YORK -- Bank of New York Mellon Corp. is in settlement talks with the U.S. Justice Department and New York attorney general over claims the bank defrauded clients in foreign exchange transactions, according to sources familiar with the matter.

BNY Mellon last week revealed that it would take a $598 million charge as it sought to resolve matters including "substantially all" foreign exchange litigation it faced, though it did not specify which cases.

The bank faces several lawsuits, including class actions, stemming from allegations that it misled clients about how it determined currency exchange rates for certain transactions.

The Justice Department, which has a lawsuit against BNY Mellon pending in Manhattan federal court, is engaging in settlement talks, a person familiar with the matter said. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/02/24/us-bank-of-ny-melln-forex-sett...



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