New York sues BNY Mellon for foreign exchange fraud


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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