Bloomberg News

BNY Asks Court to Dismiss New York’s Currency-Trading Suit

December 14, 2011

(Updates with court filing in third paragraph.)

Dec. 14 (Bloomberg) -- Bank of New York Mellon Corp., the world’s largest custody bank, asked a court to dismiss the New York attorney general’s lawsuit accusing it of defrauding clients in foreign-exchange transactions.

Attorney General Eric Schneiderman sued BNY Mellon in October, saying it misled public and private pension funds about the pricing of currency trades and made $2 billion from the alleged fraud.

The bank, which has been sued by other states and the U.S. Attorney’s Office in Manhattan, yesterday filed a motion to dismiss the complaint, according to a court records website of the New York State Supreme Court. A copy of the filing wasn’t immediately available on the site.

The case is People of the State of New York v. The Bank of New York Mellon Corp., 114735-2009, New York State Supreme Court (Manhattan).

--Editors: Andrew Dunn, Stephen Farr

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: John Pickering at orjpickering@bloomberg.net


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