Bank of New York Mellon Corp. agreed to change its disclosure statements for so-called standing instruction foreign exchange transactions to partly resolve a lawsuit by U.S. prosecutors.
The bank won't use the phrase "best execution" in describing its standing instruction service to clients or say that it's free, according to the agreement approved yesterday by U.S. District Judge Lewis Kaplan in New York. The U.S. won't seek a court order forcing the bank to disclose how it prices the transactions, according to the filing.
The lawsuit by U.S. Attorney Preet Bharara in Manhattan is one of several brought against the bank, alleging it defrauded clients in foreign currency trades.
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