Bank Of New York Mellon Settles FX Probe As Activist pressure Begins To Ramp

Bank Of New York Mellon Settles FX Probe As Activist pressure Begins To Ramp

According to a statement released late Thursday by state and federal law enforcement officials, the Bank of New York Mellon has agreed to pay $714 million to settle claims that it lied to and cheated government pension funds and other investors for almost 11 years. The settlement is a part of a deal where the bank must terminate the employees involved in fraud and make more complete public disclosures of its forex operations.

Statement from federal and state prosecutors

The United States attorney in Manhattan Bharara noted in a statement that clients “trusted the bank to be honest about the financial services it was providing and to deal with them fairly.” But instead, he said, the bank “and its executives, motivated by outsized profits and bonuses, breached this trust.”

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The Attorney General of New York Eric T. Schneiderman commented: “Investors count on financial institutions to tell them the truth about how their investments are being managed.” He added, “Today’s settlement shows that institutions and individuals responsible for defrauding investors will be held accountable and face serious consequences for their wrongdoing.”

Details on the Bank of New York Mellon fraud case

Prosecutors alleged