BNY Mellon has entered into talks with the New York Attorney General Eric Schneiderman and the US Department of Justice to settle claims over its alleged role in manipulating the foreign exchange benchmark rates, reported Reuters.
Last week, BNY Mellon has restated its fourth-quarter results to include an additional after-tax legal expense of $598m to resolve several legal issues such as foreign exchange-related matters.
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BNY Mellon has been facing several lawsuits including class actions for defrauding clients in foreign exchange transactions.
Reuters said that the Department of Justice is in settlement talks to resolve a lawsuit filed against BNY Mellon pending in Manhattan federal court.
Additionally, Eric Schneiderman and the bank are also holding talks to settle a separate lawsuit he brought in 2011.
Last week, US District Judge Lewis Kaplan said that document and evidence production in federal lawsuits pending before him against BNY Mellon will be put on hold until 17 March.
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By GlobalDataIn 2012, BNY Mellon has entered into a partial settlement with the Justice Department for changing disclosures about its foreign exchange services.
