Bank of NY Mellon Execs Win Forex Lawsuit Dismissal
Bank of New York Mellon Corp officers and directors have won the dismissal of a shareholder lawsuit accusing them of breaching their duties by letting the bank overcharge clients for trading currencies.
In a decision made public on Wednesday, U.S. District Judge Lewis Kaplan in Manhattan said the plaintiff shareholders failed to allege that the defendants, including Chief Executive Gerald Hassell, knew of "red flags" or other facts to indicate that the bank was acting wrongfully.
Kaplan also said the shareholders should have first demanded that the bank's board address the wrongdoing before filing their lawsuit.