First Settlement in FX Lawsuits Amid a Changed IndustryLast month, BNY Mellon reached a partial settlement with the Justice Department regarding claims the custodian overcharged clients on FX transactions. The two agreed BNY Mellon would be transparent to clients about the way it sets its foreign transaction pricing. Three years after a whistleblower—a former BNY Mellon employee—leaked confidential information supposedly showing the firm exploited the lack of transparency of FX transactions, the foreign exchange industry has changed for good. ...The full article is available to registered visitors. |
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Mandate Watch
01 Dec 2011- Provider: BNY Mellon
- Client: China Construction Bank
- Asset Value: Undisclosed
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