Bank of New York Mellon Corp. (BK:US), the world’s largest custody bank, will face eight lawsuits claiming it defrauded clients in foreign-exchange transactions in a consolidated proceeding in federal court in Manhattan.
In complaints previously filed in New York, California and Pennsylvania, BNY Mellon is accused of overcharging investors, including public pension funds, more than $1.5 billion through foreign-currency trades. BNY Mellon requested the consolidation.
“We find that these eight actions involve common questions of fact, and that the centralization” of the complaints will “serve the convenience of the parties and witnesses and promote the just and efficient conduct of the litigation,” judges serving on a panel for multidistrict litigation wrote in an order yesterday.
The case is In Re Bank of New York Mellon Corp. (BK:US) Foreign Exchange Transactions Litigation, 12-md-02335, U.S. District Court, Southern District of New York (Manhattan).
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