Bank of New York Mellon Corp. Forex Transactions Litigation

Carver, et al. v The Bank of New York Mellon and BNY Mellon National Association, United States District Court for the Southern District of New York, Case No. 12-cv-9248-LAK

In re Bank of New York Mellon Corp. Forex Transactions Litigation, United States District Court for the Southern District of New York, Case No. 12-md-2335

Settlement Status

On September 24, 2015, the Court entered an Order and Final Judgment resolving class action allegations that The Bank of New York Mellon (BNYM) systematically overcharged custodial clients for the “standing instruction” foreign currency exchange services.  Keller Rohrback represented a putative class of ERISA plan participants who were injured through this scheme. ERISA is the Employee Retirement Income Security Act of 1974 (as amended), a federal statute designed to protect retirement pension, saving and welfare plans and impose uniform fiduciary duties on those who administer such plans. The Final Judgment effectuates a $335,000,000 million settlement agreement and specifically allocates $14,000,000 million for the benefit of injured ERISA plans and their participants.

Keller Rohrback attorneys Lynn Sarko and David Copley represented ERISA plan class members in this landmark settlement.

Case Documents

Order and Final Judgment – 09/24/2015

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