July 3 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