BNY Mellon BK Lawsuit.



Bank of New York Mellon Corporation’s Alleged Improper Foreign Currency Trading Practices

We are looking to speak to Bank of New York Mellon (BNY Mellon) shareholders twho are concerned that BNY Mellon misled investors by reporting inflated revenue attributable to BNY Mellon’s participation in a scheme to fraudulently overcharge its custodial clients for foreign currency FX trades. 

Own shares of BK? from October 18, 2007 to present? Lose money? Concerned about BNY Mellon Conduct?

Several lawsuits have been filed in the wake of announcements that whistleblower lawsuits were filed against BNY Mellon, as well as separate civil actions filed by the attorneys general of Virginia, Florida and New York and the Unites States Department of Justice and Massachusetts securities regulators, These actions allege that BNY Mellon defrauded its clients by engaging in a practice of overcharging clients in FX transactions by giving them unfavorable currency-exchange rates over the last decade. News of these allegations caused BNY Mellon shares to plummet 37% to $19.99 per share, causing a loss of over $14 billion in market capitalization.

The lawsuits on behalf of BNY Mellon shareholders allege that BNY Mellon fiduciaries made a series of false and misleading statements and omissions regarding the exchange rates BNY used in connection with its standing instruction trades.  Specifically, although BNY Mellon represented that its FX trading service was offered free of charge or only for the cost of the transaction itself, BNY had been engaging in a secret price-fixing scheme through which it realized very large profits by misrepresenting or failing to disclose to clients about the actual exchange rate it had obtained.  

Employee Retirement Case.
Kyros Law is also investigating BNY Mellon’s investment of Plan participants and beneficiaries assets in company stock. The investigation concerns whether administrators breached their fiduciary duties and violated the Employee Retirement Income Security Act of 1974 (ERISA) by investing and/or continuing to invest assets in company stock when it was not a prudent investment for participants’ retirement savings.   

If you are a current or former employee or are a member of any of BNY Mellon 401k Savings Plan or the Employee Stock Ownership Plan, you may be included in the BNY Mellon 401(k) or ERISA class action.  If you purchased or held BNY Mellon stock in one of those plans during the period from January 1, 2008 to the present, you may have a claim. 

Alternatively If you simply own shares of BK please call Attorney Bill Kyros at 1-800-934-2921 to discuss your rights.

Kyros Law is a Boston-based law firm with significant experience representing investors in FINRA recoveries, banking litigation, shareholder lawsuits, class actions, shareholder derivative actions, and securities fraud class actions. For info about our law firm please our Kyros Law web site.