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Business
4:00 am
Wed October 5, 2011

Bank of New York Mellon Faces 2 Government Suits

Originally published on Wed October 5, 2011 5:28 pm

Transcript

RENEE MONTAGNE, HOST:

NPR's business news starts with lawsuits against a big New York bank.

(SOUNDBITE OF MUSIC)

MONTAGNE: The Bank of New York Mellon is facing two more government lawsuits involving its currency trading business. The suits were filed yesterday by the Manhattan U.S. attorney and New York attorney general. The lawsuits accuse the bank of promising clients, including public pension funds, the best exchange rate, then giving them the worst rate and pocketing the difference.

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