{"id":5765,"date":"2015-03-19T00:00:00","date_gmt":"2015-03-19T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/03\/bank_of_new_york_mellon_corp_s"},"modified":"2022-05-06T12:28:30","modified_gmt":"2022-05-06T17:28:30","slug":"bank-of-new-york-mellon-corp-s","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bank-of-new-york-mellon-corp-s\/","title":{"rendered":"Bank of New York Mellon Corp. Settles Currency Fraud Lawsuits Involving Pension Funds for $714M"},"content":{"rendered":"\n<p>Bank of New York Mellon Corp. (BK) has agreed to pay $714 million to settle claims that it bilked pension funds and others by overcharging for currency transactions. The settlements resolve cases by New York Attorney General Eric Schneiderman and Manhattan U.S. Attorney Preet Bharara, as well as both private cases and probes by the U.S. Department of Labor and the U.S. Securities and Exchange Commission. <\/p>\n<p>The lawsuits involve the bank\u2019s \u201cstanding instruction\u201d for its foreign exchange program: Clients are supposed to let the bank unilaterally deal with foreign-exchange transactions.<\/p>\n<p>The bank admitted that it notified certain clients that it was determined to obtain them the best rates possible even as the firm gave them the ones that were among the worst interbank rates. The bank had previously denied the claims because the lawsuits were submitted in 2011, not agreeing until the following year to modify pricing disclosures. In February, Bank of New York Mellon said it would modify 4tth quarter results to make room for a $598 million litigation cost as it was getting ready to resolve certain claims, including those involving foreign exchange. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/bank-of-new-york-mellon-corp-s\/\"  title=\"Continue Reading Bank of New York Mellon Corp. Settles Currency Fraud Lawsuits Involving Pension Funds for $714M\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bank of New York Mellon Corp. (BK) has agreed to pay $714 million to settle claims that it bilked pension funds and others by overcharging for currency transactions. The settlements resolve cases by New York Attorney General Eric Schneiderman and Manhattan U.S. Attorney Preet Bharara, as well as both private cases and probes by the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[4020,3752,3772],"tags":[3506],"class_list":["post-5765","post","type-post","status-publish","format-standard","hentry","category-bank-of-new-york-mellon-corp","category-financial-firms","category-private-placements","tag-currency-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank of New York Mellon Corp. Settles Currency Fraud Lawsuits Involving Pension Funds for $714M &#8212; Investor Lawyers Blog &#8212; March 19, 2015<\/title>\n<meta name=\"description\" content=\"Bank of New York Mellon Corp. (BK) has agreed to pay $714 million to settle claims that it bilked pension funds and others by overcharging for currency &#8212; March 19, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/bank-of-new-york-mellon-corp-s\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bank of New York Mellon Corp. Settles Currency Fraud Lawsuits Involving Pension Funds for $714M &#8212; Investor Lawyers Blog &#8212; March 19, 2015\" \/>\n<meta name=\"twitter:description\" content=\"Bank of New York Mellon Corp. (BK) has agreed to pay $714 million to settle claims that it bilked pension funds and others by overcharging for currency &#8212; March 19, 2015\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bank of New York Mellon Corp. Settles Currency Fraud Lawsuits Involving Pension Funds for $714M &#8212; Investor Lawyers Blog &#8212; March 19, 2015","description":"Bank of New York Mellon Corp. 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