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BNY Mellon Facing Further FX Class Action
BNY Mellon is facing further legal action over activities in its FX business as a class action suit has been filed in New York claiming it “charged excessive rates and mark ups” on ADR conversions. The bank has previously settled similar cases surrounding so-called Standing Instruction trades with both US authorities and private claimants, however those cases were not brought in regard to the ADR business. As was the case with SI trades, the Plaintiffs claim that BNY Mellon “selected a transaction rate at or near the rate at which the currency traded that day that was virtually the worst for the ERISA Plans”.

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