Bank of NY Mellon executives win dismissal of forex lawsuit

July 3 Wed Jul 3, 2013 10:15am EDT

July 3 (Reuters) - Bank of New York Mellon Corp officers and directors have won the dismissal of a shareholder lawsuit accusing them of breaching their duties by letting the bank overcharge clients for trading currencies.

In a decision made public on Wednesday, U.S. District Judge Lewis Kaplan in Manhattan said the plaintiff shareholders failed to allege that the defendants, including Chief Executive Gerald Hassell, knew of "red flags" or other facts to indicate that the bank was acting wrongfully.

Kaplan also said the shareholders should have first demanded that the bank's board address the wrongdoing before filing their lawsuit.

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Comments (2)
madmatt wrote:
Like the corrupt scum of the bank didn’t know they were ripping off clients…a crime the court ignored, they only care about ripping off investors, not customers.

Jul 03, 2013 10:51am EDT  --  Report as abuse
Steve666 wrote:
It seems that you have no idea about how the law works. Please keep your socialist views to yourself.

Jul 03, 2013 8:35pm EDT  --  Report as abuse
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