BNY MELLON ACCUSED OF CHEATING ADR CLIENTS ON FOREX ...

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The proposed class action seeks to represent all impacted BNY Mellon clients, except those in the whistleblower lawsuits. SEPTA says the class claims exceed $5 million. SEPTA says the class claims ... Class actions by other pension funds have also hit the courts. The banks reject accusations of wrongdoing. A proposed class action against BNY Mellon, filed in a Philadelphia federal court on Monday, incorporates allegations made in whistleblower lawsuits in Florida and Virginia and claims BNY Mellon charged “false” forex rates. BNY Mellon hit with proposed forex class action 2 Min Read SAN FRANCISCO/BOSTON (Reuters) - Bank of New York Mellon was sued by a Pennsylvania transit authority this week in the latest legal ... Class actions by other pension funds have also hit the courts. The banks reject accusations of wrongdoing. A proposed class action against BNY Mellon, filed in a Philadelphia federal court on Monday, incorporates allegations made in whistleblower lawsuits in Florida and Virginia and claims BNY Mellon charged “false” forex rates. This manipulation allowed BNY Mellon to skim extra fees from each transaction at the expense of retirement plan investors, the worker says. The case largely mirrors lawsuits brought in 2015 and 2016 , which attacked BNY Mellon’s foreign currency transactions as a violation of fiduciary duties owed to retirement plan investors under the Employee Retirement Income Security Act. Reuters pointed out today that Bank of New York Mellon Corp (NYSE:BK) has been hit with a proposed class action lawsuit accusing it of skimming millions of dollars from clients by overcharging for currency conversions for American Depository Receipt dividends.. Filed on Monday of this week in a Manhattan federal court, the lawsuit accused the world's biggest custody bank of charging customers ... (Reuters) - Bank of New York Mellon has been hit with a proposed class action accusing it of skimming millions of dollars from its customers by overcharging for currency conversions for American Depository Receipt dividends.

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