BNY Mellon Sued, Again, Over Foreign Currency Transactions

Bank of New York Mellon is once again in the crosshairs of a proposed class action by retirement investors who say the company’s foreign currency transactions cheated them out of money.

The latest lawsuit, filed Dec. 29 by a union worker covered by the Sheet Metal Workers’ National Pension Fund, accuses the company of wrongly manipulating the rates used to convert retirement plan assets held in foreign currencies into U.S. dollars. This manipulation allowed BNY Mellon to skim extra fees from each transaction at the expense of retirement plan investors, the worker says.

The case largely mirrors lawsuits brought in ...