Bank of New York Mellon Corp. Forex Transactions Litigation
Carver, et al. v The Bank of New York Mellon and BNY Mellon National Association, United States District Court for the Southern District of New York, Case No. 12-cv-9248-LAK
In re Bank of New York Mellon Corp. Forex Transactions Litigation, United States District Court for the Southern District of New York, Case No. 12-md-2335
On September 24, 2015, the Court entered an Order and Final Judgment resolving class action allegations that The Bank of New York Mellon (BNYM) systematically overcharged custodial clients for the “standing instruction” foreign currency exchange services. Keller Rohrback represented a putative class of ERISA plan participants who were injured through this scheme. ERISA is the Employee Retirement Income Security Act of 1974 (as amended), a federal statute designed to protect retirement pension, saving and welfare plans and impose uniform fiduciary duties on those who administer such plans. The Final Judgment effectuates a $335,000,000 million settlement agreement and specifically allocates $14,000,000 million for the benefit of injured ERISA plans and their participants.
Order and Final Judgment – 09/24/2015