Bank of New York Mellon Corp. was sued by the U.S. Attorney's Office in Manhattan and the New York attorney general for allegedly defrauding clients in foreign currency trades.
The bank earned $2 billion through a 10-year fraud in which it misrepresented to customers its pricing practices, according to a complaint by New York Attorney General Eric Schneiderman and the City of New York. The U.S. Attorney's Office filed a separate suit in federal court.
"From at least 2001 to the present, the bank has engaged in a multipronged campaign of deception," the state and city said in their complaint in state Supreme Court in Manhattan. The two filings couldn't immediately be confirmed in online court records.
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