BUSINESS
10/04/2011 05:38 pm ET | Updated Dec 04, 2011

New York State Sues Bank Of New York Mellon For Defrauding Clients

NEW YORK - New York's attorney general said on Tuesday he filed a lawsuit against Bank of New York Mellon for defrauding clients in foreign currency exchange transactions.

New York Attorney General Eric Schneiderman said Bank of New York Mellon misrepresented to customers the rates for foreign currency transactions over a 10-year period. Schneiderman said he is seeking a recovery of nearly $2 billion.

(Reporting by Andrew Longstreth; Editing by Phil Berlowitz)

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