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Bank of New York Mellon Corp. Qui Tam
- Issue: False foreign exchange rates
In re Bank of New York Mellon Corporation False Claims Act Foreign Exchange Litigation, No. C-11-05683 (N.D. Cal.)
Lieff Cabraser represents plaintiff and relator FX Analytics in a qui tam suit filed on behalf of the Los Angeles County Employees' Retirement Association Fund and nine other California municipal and county pension funds against The Bank of New York Mellon Corporation ("BNY Mellon") and its predecessors and subsidiaries, for alleged violations of the California False Claims Act and breach of contract and fiduciary duty.
The complaint charges that defendants created and carried out a fraudulent scheme, for over a decade, in which they charged plaintiffs fictitious foreign currency exchange ("FX") rates in connection with the purchase and sale of foreign securities. The complaint further alleges that defendants consistently incorporated hidden and excessive mark-ups or mark-downs relative to the actual FX rates applicable at the times of the trades conducted for defendants' custodial FX clients. Defendants allegedly kept for themselves, as an unlawful profit, the difference between the false and actual price for each FX transaction.