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Released: October 05, 2011
U.S. and N.Y. sue Bank of N.Y. Mellon over foreign exchange fees
Source: Eric Dash & Peter Lattman, N.Y.Times (Free Registration)
The New York attorney general and the United States attorney in Manhattan filed separate lawsuits on Tuesday against the Bank of New York Mellon, accusing it of cheating state and other pension funds nationwide out of foreign exchange fees over the last decade. In a civil lawsuit filed in state court, the attorney general, Eric T. Schneiderman, said that the Bank of New York Mellon had consistently overcharged customers for processing foreign currency transactions. He is seeking about $2 billion, which is the ostensible ill-gotten profits that the bank generated over the last decade.Read Full Article: U.S. and N.Y. sue Bank of N.Y. Mellon over foreign exchange fees
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