The Bank of New York Friday moved to dismiss a shareholder class action arising from the bank’s alleged practice of charging the worst (or near worst) prices of the day to customers who gave the bank a “standing instruction” to convert currency to or from U.S. dollars for purposes of their foreign securities transactions. The practice allegedly allowed the bank to capture the maximum profits from intraday trading spreads, to the detriment of its customers.  The suit follows on the heels of suits filed by the Justice Department and New York Attorney General.
Continue Reading Bank of New York Moves to Dismiss Shareholder Class Action Regarding Foreign Exchange Practices