BNY Mellon hit with $2 Billion suit over forex rates

BNY Mellon is now being sued for $2 billion by the New York Attorney General over forex transaction prices. Trust the magic of Wall Street however to make wonders as the stock price has only dropped 3% amid these news.
1 Comments

BNY Mellon is now being sued for $2 billion by the New York Attorney General over forex transaction prices. Trust the magic of Wall Street however to make wonders as the stock price has only dropped 2.3% amid these news.

BNY Mellon is being sued by just about everybody who traded with it over allegations of overcharging its clients in forex transactions. Below is the recap of just some of the publicly announced suits:

  • 2009 – the California attorney general’s office has charged the State Street Corporation (company that owns Currenex) with fraud, accusing the company of cheating the state’s two largest pension funds of at least $56.6 million by overcharging them for a series of foreign exchange trades.
  • Feb 2011 – the Arkansas Teacher Retirement System sued State Street Corp.over claims that the Boston-based bank engaged in unfair and deceptive practices regarding foreign exchange transactions.
  • March 2011 – class action suit filed against Bank of New York Mellon (BNY Mellon) by Southeastern Pennsylvania Transportation Authority (SEPTA).
  • October 2010 – The Washington State Investment Board reached an $11.7 million agreement with State Street, without filing a lawsuit. Other states such as California, Virginia and Florida are taking legal action against custodial banks on behalf of their retirement funds.
  • May 2011 – SEC investigates State Street FX pricing.
  • June 2011 – Massachusetts calculates that it was overcharged over $30 million by BNY Mellon.

Grab your latest copy of the Forex Magnates Retail Forex Industry Report.







TAGS: , , , , , , , , , , , , , , , , , , , , ,
 

Related posts:

More information on this subject is found in the latest Forex Magnates Quarterly Report


1 Comments on this post

Trackbacks

  1. Ima Trader said:

    Bankers are thieves, plain and simple.

    October 11th, 2011 at 10:34 am

We do not store your information and we do not disclose our sources.


Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed):



Note: Copyright © 2014 Forex Magnates. All rights reserved.

All materials contained on this site are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of Forex Magnates. You may not alter or remove any trademark, copyright or other notice from copies of the content. All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at Forex Magnates are those of the individual authors and do not necessarily represent the opinion of Forex Magnates or its management. Forex Magnates has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by Forex Magnates, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Forex Magnates will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2014 "Forex Magnates Inc. - Home of the Forex Elite" All Rights Reserved.