Bank of New York Mellon to pay $180m to settle FX lawsuit

Gold Dollar

Bank of New York Mellon will pay $180m to settle a foreign exchange-related putative class action lawsuit, the bank said in a regulatory filing on Thursday.

Reuters reports that the world's No.1 custody bank expects to record a pretax charge of $50m in the second quarter related to the settlement. 

BNY Mellon said the settlement will release the bank from all foreign exchange-related securities law claims brought against it or its affiliates in the suit.

Federal and New York state authorities, among others, had accused BNY Mellon of giving clients prices for their currency transactions at or near the worst interbank rates during the trading day despite telling them it would provide the best possible execution.

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BNY Mellon to pay $180 mln to settle foreign exchange lawsuit

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