Law360, New York (September 24, 2015, 6:43 PM EDT) -- The Bank of New York Mellon Corp. and institutional investor clients who sued over its forex charges settled the multidistrict litigation for $335 million in New York federal court Thursday, with the plaintiffs’ counsel set to receive a total of $83.75 million in attorneys' fees.The settlement resolves claims from five complaints that the bank misled customers with its Standing Instruction Service, which executes foreign exchange transactions for its custodial clients. The plaintiffs had claimed that while the bank told customers it provided the “best execution,” it instead charged the most expensive price of the trading day, or close to it,... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Judge Lewis Kaplan has given an approval for BNY Mellon to pay $335m to clients claiming the bank defrauded them in foreign-exchange transactions for 30 days. This allows 1,200 clients to receive payments from the bank within over a decade. The bank agreed to the settlement as part of a larger $714m resolution with the New York state, regulators and clients.