Bank of NY Mellon fails to win dismissal of forex lawsuit
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.
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