BNY Mellon fined $714 million in FX case
BNY Mellon has settled a lawsuit over its involvement in fraudulent foreign exchange practices to the tune of $714 million, following cases brought upon the bank by New York state attorney general Eric Schneiderman and US attorney for the southern district of New York, Preet Bharara.
The settlement concludes three years of litigation after private cases arose around allegations that BNY Mellon's automated standing instructions (SI) FX program deliberately gave its customers the worst rate and
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