Bank Of New York Mellon Corp. Securities Fraud Litigation

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Bank of New York Mellon Corp.

Issue: False foreign exchange rates

International Union of Operating Engineers, Stationary Engineers Local 39 Pension Trust Fund ("IUOE Local 39") v. The Bank of New York Mellon Corporation

Lieff Cabraser, along with co-counsel, represents a proposed nationwide class of ERISA funds in an action against The Bank of New York Mellon Corporation ("BNY Mellon") and its predecessors and subsidiaries, alleging that defendants charged class members fictitious foreign currency exchange ("FX") rates in connection with the purchase and sale of foreign securities.

The complaint charges that for the past decade, 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.

Plaintiffs seek relief under California law for a class of California-based ERISA funds, and under New York law for those ERISA funds for whom FX trades were conducted through BNY Mellon's New York FX trading desk.