Apparently it’s not all gloom in doom for BNY Mellon in its pricing scandal: at least one lawsuit against the bank has been just dismissed:
A Fairfax County Circuit judge dismissed the foreign exchange (FX) pricing-related allegations against The Bank of New York Mellon Corporation (BK – Analyst Report). The allegations were brought by Virginia attorney general. This provides a big relief to the company, as it is already entangled it a number of similar lawsuits in other states.
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The state judge in the ruling commented that Virginia cannot be allowed to proceed with the litigation under the Virginia Fraud Against Taxpayers Act, which necessitates the submission of a claim for payment. The court stated that BNY Mellon had only given the past accounting statements to Virginia and there was no demand for money in connection with the alleged overcharging of FX trade.
Read the rest here.