ATTORNEYS AT LAW

Cases
Who We Are
- Scott+Scott LLP is a nationally recognized law firm headquartered in Connecticut with offices in New York City, Ohio and California. The firm represents individual as well as institutional investors who have suffered from corporate stock fraud. Scott+Scott has participated in recovering billions of dollars and achieved precedent-setting reforms in corporate governance on behalf of its clients. In addition to being involved in complex shareholder securities and corporate governance actions, Scott+Scott also has a significant national practice in antitrust, ERISA, consumer, civil rights and human rights litigation. Through its efforts, Scott+Scott promotes corporate social responsibility… read more
Our Practice
- Securities Fraud + Corporate Governance +
  
  Scott + Scott is a nationally recognized law firm that recovers money for individual and institutional… read more
- Antitrust +
  
  The firm is actively involved in litigating many complex antitrust cases throughout the United States… read more
- Consumer Rights +
  
  Scott + Scott regularly represents aggrieved consumers in a variety of class action cases… read more
- Employee Benefits (ERISA) +
  
  Scott + Scott actively litigates complex class actions across the United States on behalf of corporate employees… read more
- Civil Rights Litigations +
  
  Scott+Scott has also successfully litigated cases to enforce its clients’ civil rights… read more
Attorneys
- The attorneys in our firm are a diverse and accomplished group, with degrees from a variety of law schools, including Yale University, University of Wisconsin, University of Connecticut, University of Kentucky, New York University, University of Chicago, Temple University, George Washington University, University of Washington, University of San Diego, University of California, Ohio State University, Boston College and Boston University. Many graduated with distinction and were members and editors of their respective schools' law reviews, moot courts or honor fraternities. Several have served federal or state judicial clerkships. Others hold graduate degrees in law, tax or other disciplines… read more
Newsletters
Pressbox
- Scott+Scott LLP maintains a regular media presence, publishing informative articles on a regular basis, as well as appearing frequently in the news… read more
- NCPERS Reception +
FAQ
- The following questions and answers provide general information about securities class actions, derivitive litigation, and ERISA class actions. They are not legal advice.
- Securities Class Actions +
- Securities Class Actions and the non-U.S. Investor +
- Shareholder Derivative Actions +
- Antitrust Actions +
- ERISA 401(k)/Pension Retirement Benefit Class Actions +
Contact Us
- Connecticut
  
  Scott+Scott LLP
  156 South Main Street
  P.O. Box 192
  Colchester, CT 06415
  800.404.7770 toll-free
  860.537.5537 voice
  860.537.4432 fax
- California
  
  Scott+Scott LLP
  707 Broadway
  Suite 1000
  San Diego, CA 92101
  800.332-2259 toll-free
  619.233.4565 voice
  619.233.0508 fax
- Ohio
  
  Scott+Scott LLP
  12434 Cedar Road
  Suite 12
  Cleveland Heights, OH 44106
  216.229.6088 voice
  216.229.6092 fax
- New York
  
  Scott+Scott LLP
  The Chrysler Building
  405 Lexington Ave
  40th Floor
  New York, NY 10174-4099
  800.404.7770 toll-free
  212.223.6444 voice
  212.223.6334 fax
- *Virginia Annex Office
  
  Scott+Scott LLP
  103 Banbury Road
  Richmond, VA 23221
  860.537.5537 VOICE
  
  860.537.4432 FAX
- *Los Angeles Annex Office
  
  Scott+Scott LLP
  6424 Santa Monica Boulevard
  Los Angeles, CA 90038
  213.985.1274 VOICE
  
  213.985.1278 FAX
  
  scottlaw@scott-scott.com
  
  UK Tel: 0808 234 1396
Search
- Go

CASES

The Bank of New York Mellon Corporation

Class Period: Feb 28, 2008 to Aug 11, 2011

Lead Plaintiff Deadline: Feb 12, 2012 + Deadline passed

Summary of Case:

A securities class action has been filed against The Bank of New York Mellon Corporation's ("BNY Mellon" or the "Company") on behalf of purchasers of the common stock of BNY Mellon who purchased or otherwise acquired BNY Mellon common stock between February 28, 2008 and August 11, 2011, inclusive (the "Class Period") and on behalf of purchasers of the Company's common stock pursuant or traceable to BNY Mellon's public offerings on or about May 11, 2009 and June 3, 2010. This case has been filed in the USDC - New York (Southern).

The Complaint alleges that Throughout the Class Period, and unbeknownst to its investors, BNY Mellon and certain of its executive officers issued a series of false and misleading statements, and omitted to disclose material information, regarding the Company's use of fraudulent practices to artificially inflate BNY Mellon's reported financial results, including by artificially increasing BNY Mellon's FX revenue, and misled investors regarding the sustainability and reasons behind the profitability of this critical line of business. While BNY Mellon's FX trading services were offered to clients as purportedly "free of charge," in truth, BNY Mellon rigged the pricing of its FX transactions in order to reap illicit profits.

Details about the Company's deceptive practices began to surface in January 2011 after two whistleblower (or qui tam) lawsuits against BNY Mellon were unsealed in Virginia and Florida.' The qui tam actions alleged that BNY Mellon charged custodial clients executing "indirect" FX trades (also known as "standing instruction" trades) manipulated FX rates that were set after BNY Mellon converted U.S. dollars into foreign funds or vice versa. Further, the charged FX rates bore no relationship to the prevailing market or Interbank rates at the time the trades were executed, and were selected after the fact by BNY Mellon solely to maximize the Company's fees.

On August 11, 2011, the Virginia Attorney General filed a Complaint in Intervention against BNY Mellon, and therein cited to numerous internal emails among BNY Mellon executives where they discussed the negative impact of providing clients "transparency" on FX fees and the impact that this would have on the Company's profitability.

As a result of these disclosures, BNY Mellon's common stock has declined over 37 percent from the date the first qui tarn action became public through the end of the Class Period. The decline is directly attributable to the market absorbing previously undisclosed information about the Company's fraudulent FX practices.

If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.