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BNY Mellon overcharged Fidelity, US says

Bank of New York Mellon Corp. secretly manipulated the cost of millions of dollars in currency trades conducted for Boston mutual fund giant Fidelity Investments, according to court documents filed by the Department of Justice in an ongoing investigation of the bank’s foreign exchange pricing.

Federal prosecutors and New York’s attorney general filed civil fraud charges against BNY Mellon last year, alleging that the bank overcharged pension funds and investment managers for certain foreign currency trades and misled them about practices that generated $1.5 billion in revenues.

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