▁the ▁bank ▁selected ▁the ▁day ' s ▁lowest ▁rates ▁for ▁currency ▁sales ▁and ▁highest ▁rates ▁for ▁purch ases , ▁appropri ating ▁the ▁difference ▁as ▁corpor ate ▁profit . ▁The ▁scheme ▁was ▁said ▁to ▁have ▁generated ▁$ 2 ▁billion ▁for ▁the ▁bank , ▁at ▁the ▁exp ense ▁of ▁millions ▁of ▁Americans ' ▁ret irement ▁funds , ▁and ▁to ▁have ▁trans p ired ▁over ▁more ▁than ▁a ▁de cade . ▁Pur port edly , ▁the ▁bank ▁would ▁offer ▁secret ▁pr icing ▁de als ▁to ▁clients ▁who ▁raised ▁concerns , ▁in ▁order ▁to ▁avoid ▁discovery . ▁Bank ▁of ▁New ▁York ▁def ended ▁itself ▁vig or ously , ▁maintain ing ▁the ▁fra ud ▁accus ations ▁were ▁" flat ▁out ▁wrong " ▁and ▁warning ▁that ▁as ▁the ▁bank ▁employed ▁ 8 , 7 0 0 ▁employees ▁in ▁New ▁York , ▁any ▁damage ▁to ▁the ▁bank ▁would ▁have ▁negative ▁re per cuss ions ▁for ▁the ▁state ▁of ▁New ▁York . ▁ ▁In ▁March ▁ 2 0 1 5 , ▁the ▁company ▁admitted ▁to ▁facts ▁concerning ▁the ▁mis re presentation ▁of ▁foreign ▁exchange ▁pr icing ▁and ▁execution . ▁B N Y ▁M ell on ' s ▁alleg ed ▁mis con duct ▁in ▁this ▁area ▁includes ▁representing ▁pr icing ▁as ▁best ▁rates ▁to ▁its ▁clients , ▁when ▁in ▁fact ▁they ▁were ▁providing ▁clients ▁with ▁bad ▁prices ▁while ▁retain ing ▁larger ▁marg ins . ▁In ▁addition ▁to ▁letting ▁go ▁key ▁execut ives , ▁the ▁company ▁agreed ▁to ▁pay ▁a ▁total ▁of ▁US $ 7 1 4 ▁million ▁to ▁sett le ▁related ▁law