Bank of New York Mellon Corp is to pay $180 million to settle a foreign exchange-related putative class action lawsuit, the bank said.
The bank expects to record a pretax charge of $50 million in the second quarter related to the settlement.
BNY Mellon said the settlement will release the bank from all foreign exchange-related securities law claims brought against it or its affiliates in the suit.
Federal and New York state authorities accused the company of giving clients prices at or near the worst interbank rates during the trading day despite telling them it would provide the best possible execution.
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