New York brings BNY Mellon suit

NEW YORK’S attorney general said yesterday he has filed a lawsuit against Bank of New York Mellon for defrauding clients in foreign currency exchange transactions.

Eric Schneiderman said BNY Mellon misrepresented to customers the rates for foreign currency transactions over a 10-year period. He said he is seeking a nationwide recovery of nearly $2bn.

New York is the latest state to bring claims against BNY Mellon, which has been battling allegations of forex overcharging for months.