A federal court judge has dismissed several of the allegations against BNY Mellon, a bank that allegedly overcharged pension funds and other institutional clients for foreign currency transactions by promising the best exchange rate for the day, but instead giving clients the worst rate and pocketing the difference.  U.S. District Court Judge William Alsup dismissed five of the nine allegations, including the False Claims Act allegations, and referred the rest to state courts.  In dismissing the FCA allegations, the judge held that monthly reports reflecting fictitious trades for foreign exchange rates did not constitute false claims for payment.

Read the entire article, “Forex lawsuit against BNY Mellon partly dismissed”