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Bank of New York Mellon Faces 2 Government Suits
Originally published on Wed October 5, 2011 5:28 pm
RENEE MONTAGNE, HOST:
NPR's business news starts with lawsuits against a big New York bank.
(SOUNDBITE OF MUSIC)
MONTAGNE: The Bank of New York Mellon is facing two more government lawsuits involving its currency trading business. The suits were filed yesterday by the Manhattan U.S. attorney and New York attorney general. The lawsuits accuse the bank of promising clients, including public pension funds, the best exchange rate, then giving them the worst rate and pocketing the difference.
Officials in Florida and Virginia have filed similar suits against the bank. Transcript provided by NPR, Copyright National Public Radio.