Bank of New York Asks Court to Dimiss New York's Currency Trading Lawsuit
By David McLaughlin – Dec 14, 2011 9:08 AM ET
Bank of New York Mellon Corp., the world’s largest custody bank, asked a court to dismiss the New York attorney general’s lawsuit accusing it of defrauding clients in foreign-exchange transactions.
Attorney General Eric Schneiderman sued BNY Mellon in October, saying it misled public and private pension funds about the pricing of currency trades and made $2 billion from the alleged fraud.
The bank, which has been sued by other states and the U.S. Attorney’s Office in Manhattan, yesterday filed a motion to dismiss the complaint, according to a court records website of the New York State Supreme Court. A copy of the filing wasn’t immediately available on the site.
The case is People of the State of New York v. The Bank of New York Mellon Corp. (BK), 114735-2009, New York State Supreme Court (Manhattan).
To contact the reporter on this story: David McLaughlin in New York at email@example.com