BNY Mellon Said in Talks to Settle Foreign Exchange SuitsCharles Stein
Bank of New York Mellon Corp., the world’s largest custody bank, is in talks to settle lawsuits accusing the bank of defrauding clients in foreign exchange transactions, according to a person familiar with the discussions.
The bank, which is based in New York, is in negotiations with Manhattan U.S. Attorney Preet Bharara and New York State Attorney General Eric Schneiderman, said the person, who asked not to be identified because the talks are private.
BNY Mellon last week restated fourth-quarter earnings after boosting litigation expenses by $598 million in anticipation of settling legal matters, including lawsuits related to foreign exchange.
Kevin Heine, a spokesman for BNY Mellon, declined to comment, as did Betsy Feuerstein, a spokeswoman for Bharara, and Matt Mittenthal, a spokesman for Schneiderman. The talks were reported earlier by Reuters.