April 24 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.