Attorney General DeWine Announces Settlement in BNY Mellon Foreign Currency Exchange Lawsuit

Attorney General DeWine Announces Settlement in BNY Mellon Foreign Currency Exchange Lawsuit

Editor’s Note: Lieff Cabraser is Outside Counsel for the Ohio Attorney General in the litigation. We are also Interim Co-Lead Counsel for the proposed class of BNY Mellon custodial customers.

Ohio Attorney General Mike DeWine today announced the $335 million settlement, subject to court approval, of a class-action lawsuit against The Bank of New York Mellon (“BNYM”) over claims that it unlawfully overcharged pension funds and other banking customers for foreign currency exchange (“FX”) trades. Combined with settlements with other regulatory and government agencies, the total gross compensation to BNYM’s customers will be $504 million. BNYM has agreed to pay an additional $210 million in penalties to the United States Department of Justice (“DOJ”) and other government agencies.

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