BNY Mellon settles with NY, US for $714 million over fraudulent forex practices

Bank Of New York Mellon reached several settlements over fraudulent foreign exchange practices, agreeing to pay $714 million to resolve the cases.

The offices of New York Attorney General Eric Schneiderman and U.S. Attorney for the Southern District of New York Preet Bharara announced Thursday that the bank had agreed to settle with the U.S. Department of Justice, the New York Attorney General, the U.S. Department of Labor, the U.S. Securities and Exchange Commission and private class actions.

BNY Mellon settles with NY, US for $714 million over fraudulent forex practices