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Stoll Berne Settles Foreign Exchange Class Action with BNYM for $180 Million

Posted on: December 8th, 2015 by Keith Dubanevich

U.S. District Judge Lewis A. Kaplan recently approved a $180 million settlement in a proposed class action case against Bank of New York Mellon Corp. The lawsuit alleged that the bank operated a deceptive foreign currency exchange program.  Stoll Berne represented the putative class along with Bernstein Litowitz Berger & Grossmann LLP.  The firms represented the State of Oregon on behalf of several public pension funds and others who claimed BNY Mellon misled investors by making deceptive public statements about its foreign exchange program in violation of securities laws.

The settlement concluded long-running litigation first brought in 2011, alleging that BNY Mellon told customers it provided the “best execution” for foreign currency trades when in reality it bought the currencies at the lowest price of the day and sold it at the highest, pocketing the difference.

In March, BNY Mellon paid $714 million to settle fraud claims by the SEC, the U.S. Department of Justice, the New York attorney general and others over the foreign exchange program. BNY Mellon also admitted certain facts and agreed to fire two executives implicated in the scheme.

Oregon Supreme Court Rules That Proof of Reliance in Oregon Securities Law Action Can Be Established Via the Fraud-on-the-Market Doctrine

Posted on: December 13th, 2012 by Keith Ketterling

On December 13, 2012, the Oregon Supreme Court ruled unanimously that a plaintiff who brings a claim for damages based on misrepresentations under ORS 59.137(1) must establish that the plaintiff relied on the misrepresentations, but that proof of reliance can be established through the rebuttable presumption available under the fraud-on-the-market doctrine.  Read more…

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The purpose of this blog is to provide information to the general public and to practitioners about developments that may impact Oregon investors.

About the author

  • Keith Dubanevich

  • Keith Ketterling
  • Keith Dubanevich has extensive experience handling antitrust, consumer and securities cases. Until joining the Portland, Oregon law firm Stoll Berne as a shareholder, he was the Associate Attorney General and Chief of Staff at the Oregon Department of Justice.
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