BNY Mellon Agrees to Pay $180 Million to Settle FX Class Action
Late last week, Bank of New York Mellon Corp reached an agreement wherein the company will pay class members $180 million to resolve a claim brought institutional investors. The class action complaint accused the bank of running deceptive foreign currency exchange program.
The tentative settlement will resolve claims brought by Oregon officials on behalf public pension funds and other institutions that alleged BNY Mellon misled investors by making deceptive public statements about its foreign exchange program thereby violating of securities laws. A company spokesman said the settlement will resolve all outstanding foreign exchange related claims except for a few claims brought by individual customers.
This is second run in BNY has had with the Securities and Exchange Commission (SEC) this year. In March, the bank paid $714 million to resolve fraud claims brought be the SEC, the US Department of Justice (DOJ), the New York attorney general’s office and others over the foreign exchange program. BNY Mellon also admitted to certain facts and agreed to fire two executives implicated in the scheme.
The experienced securities fraud attorneys at Colling Gilbert Wright & Carter represent investors in the Commodities Futures Trading Commission (CFTC) and the National Futures Association (NFA). If you have lost money as a result of an investment in foreign currencies or other commodities, please contact us for a free case evaluation