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BNY Mellon Settles FX Charges, Will Pay $714 Million

Joe Mont | March 20, 2015

Bank of New York Mellon has agreed to pay $714 million in a series of settlements related to charges it fraudulently overcharged clients on foreign exchange currency transactions. The settlements resolve long-running lawsuits from Manhattan U.S. Attorney Preet Bharara and New York Attorney General Eric Schneiderman.

BNY Mellon reached settlement agreements with the Department of Justice ($167.5 million), New York’s Attorney General ($167.5 million, most of which will be directed to a fund to compensate customers), Department of Labor ($14 million), and Securities and Exchange Commission (tentatively set at $30 million). Collectively, the settlements resolve all current lawsuits and enforcement matters related to FX services that were provided to custody clients prior to 2012. The settlements were submitted to U.S. District Judge Lewis Kaplan for...

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