New York State sues BNY Mellon over forex claims

Reuters

NEW YORK (Reuters) - New York's attorney general said on Tuesday he filed a lawsuit against Bank of New York Mellon <BK.N> for defrauding clients in foreign currency exchange transactions.

New York Attorney General Eric Schneiderman said Bank of New York Mellon misrepresented to customers the rates for foreign currency transactions over a 10-year period. Schneiderman said he is seeking a recovery of nearly $2 billion.

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(Reporting by Andrew Longstreth; Editing by Phil Berlowitz)