New York sues BNY Mellon for foreign exchange fraud

Federal authorities in New York have filed two separate suits accusing BNY Mellon of foreign exchange fraud, following cases brought by other states


The New York attorney-general and the US attorney for the southern district of New York have both filed suits against Bank of New York Mellon alleging it has "engaged in a multi-pronged campaign of deception" by defrauding clients in foreign exchange trades since at least 2000.

Attorney-general Eric Schneiderman's civil lawsuit in state court claims BNY Mellon has earned $2 billion over the past decade by charging customers more than the market rate for transactions and then pocketing the

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