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U.S. Judge Rejects Defense Arguments In Bank Of New York Mellon Corp Forex Case-Reuters


Thursday, 28 Mar 2013 07:05pm EDT 

Reuters reported that a U.S. judge said on Thursday he was sympathetic to the U.S. government's use of a 1989 law against Bank Of New York Mellon Corp in a lawsuit accusing it of overcharging clients for trading currencies The arguments before U.S. District Judge Lewis Kaplan in Manhattan were a test of the U.S. Justice Department's use of a powerful law born out of the savings-and-loan crisis. The law, known as the Financial Institutional Reform, Recovery and Enforcement Act, is at the heart of a series of civil lawsuits filed in the wake of the recent financial crisis. It is also the core of the lawsuit against BNY Mellon, which had moved to dismiss the case. The lawsuit, filed in 2011, accuses BNY Mellon of engaging in a scheme from at least 2000 to defraud custodial customers who used its foreign exchange services. The lawsuit claims the bank misled clients about how it determined currency exchange rates for certain transactions. BNY Mellon reached a partial settlement in January 2012, agreeing to change disclosures it provided about its foreign exchange services. The damages claims continued. The Justice Department is seeking an unspecified amount of penalties. 

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