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DJ Judge Dismisses Shareholder Lawsuit Against Bank Of New York Mellon Corp's Board-DJ

Wednesday, 3 Jul 2013 03:38pm EDT 

Dow Jones reported that A federal judge has dismissed a shareholder lawsuit against the directors and officers of Bank of New York Mellon Corp. over a policy that the U.S. and others claim defrauded clients in some foreign-exchange transactions. The lawsuit, filed by a group of shareholders, relates to the bank's standing instruction service for foreign exchange trading. In those transactions, clients didn't negotiate forex transaction pricing on their own, but allowed the bank to set the price. Several lawsuits, including one by the U.S. government, have alleged that the bank generated profits on those transactions at the expense of their customers. In the lawsuit, the shareholders alleged that members of Bank of New York Mellon's board breached their fiduciary duties by disregarding the nature of the standing instruction service. In an order made public, U.S. District Judge Lewis A. Kaplan dismissed the lawsuit, saying the shareholders failed to argue sufficient facts to suggest the board was aware of the alleged improper conduct and chose not to act to correct the issue.