According to documents filed in federal court, the U.S. Attorney’s Office for Manhattan is “close” to reaching a settlement with BNY Mellon, resolving “some or all” of the allegations that the bank defrauded customers through its foreign currency exchange services.  According to the complaint, the bank promised customers that it would give them the best daily rate for foreign currency exchanges, but instead gave them the worst rate for the day.  The bank then allegedly pocketed the profit.

The potential settlement would likely resolve only the federal suit, and not another suit brought by the New York State Attorney General’s Office.

Read the entire article, “BNY Mellon in talks to settle overcharging suit”