Bank of NY Mellon fails to win dismissal of forex lawsuit

April 24 Wed Apr 24, 2013 1:15pm EDT

April 24 (Reuters) - A federal judge is allowing a U.S. government lawsuit to move forward against Bank of New York Mellon Corp over allegations of overcharging clients for trading foreign currencies.

While dismissing parts of the case, U.S. District Judge Lewis Kaplan in Manhattan said Wednesday that the complaint "generally suffices" to let the government pursue its main claim, that the bank fraudulently misrepresented that it would provide "best execution" to various trading clients.

He also said the complaint adequately alleged that bank employees took "active steps" to mislead clients about how trades were being priced.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.