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BNY Settles Part of U.S. FX Suit

Bank agrees to change disclosures on FX standing instructions.

By Edvard Pettersson and Charles Stein, Bloomberg | Updated on January 18, 2012

Bank of New York Mellon Corp. agreed to change its disclosure statements for so-called standing instruction foreign exchange transactions to partly resolve a lawsuit by U.S. prosecutors.

The bank won’t use the phrase “best execution” in describing its standing instruction service to clients or say that it’s free, according to the agreement approved yesterday by U.S. District Judge Lewis Kaplan in New York. The U.S. won’t seek a court order forcing the bank to disclose how it prices the transactions, according to the filing.

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