BNY Mellon Hit With Another Forex Class Action

Bank of New York Mellon’s foreign exchange transactions are the subject of another class action complaint following multimillion-dollar settlements with pension funds and government agencies (Carver v. Bank of N.Y. Mellon, S.D.N.Y., 1:15-cv-10180, complaint filed 12/31/15).

The bank has spent the past five years defending suits and investigations concerning its standing order foreign exchange transactions. In general, the bank has been accused of setting fictitious rates for currency exchanges that allowed it to secretly pocket millions of dollars at the expense of its clients.

The new suit, filed Dec. 31 in the U.S. District Court for the ...