Many confidential documents in the fraud case against BNY Mellon have been released to the public.  The suit alleges that BNY Mellon defrauded customers of millions of dollars by giving those trading in a foreign currency exchange the worst exchange rate for a day while giving customers the understanding that they were receiving the best rate for that day.  The bank allegedly engaged in these practices for its customers, such as large pension funds, who participated in its standing-instruction foreign exchange services.

The documents show both the expertise of the whistleblower, whose identity was zealously guarded as he continued to work at BNY Mellon even after the case was filed, and troubling evidence against the bank.  In one document, an executive urged traders not to tell their clients how much the bank was making on the trades out of concern that the clients would switch the bank’s less profitable pre-negotiated foreign-exchange trading service.  In another document, the whistleblower detailed the bank’s policy to deny or delay requests for documentation from clients.

Read the entire articles, “Whistleblower documents illuminate case against BNY Mellon”
“Internal BNY Mellon Documents Show Panic”