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The Bank of New York Mellon Corporation Message Board

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  • mtgfriendofman mtgfriendofman Nov 4, 2011 8:07 AM Flag

    BK - Settle for $1 Billion

    No surprise here. Don't admit to anything, just cut a big check!!

    Talks in Currency Suit --- BNY Mellon Is Negotiating With U.S. to Settle Claims...
    Bank of New York Mellon Corp. is in preliminary talks with federal prosecutors to resolve a high-profile civil lawsuit that accused the bank of fraudulently overcharging clients in trading currencies, according to people familiar with the matter. A settlement, in a case filed in October by the Manhattan U.S. Attorney's office, would be an important step for the New York bank. BNY Mellon is facing a number of other lawsuits, seeking a total of more than $2 billion in damages, which are challenging the business model used for one of its most profitable services.

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BK
40.77+0.53(+1.32%)May 2 4:03 PMEDT