In re Bank of New York Mellon Corp. Forex Transactions Litigation

MEMORANDUM OPINION

LEWIS A. KAPLAN, District Judge.

The plaintiffs in most of these actions are or were customers of the Bank of New York Mellon (“BNYM” or the “Bank”)1 that contracted with BNYM to execute certain foreign exchange transactions on their behalf. They now allege that the Bank is liable for breaches of fiduciary duties, contract, and the implied covenant of good faith and fair dealing, as well as conversion, unjust enrichment, and certain violations of state business law for assigning fictitious foreign currency exchange rates to the plaintiffs’ purchases and sales of foreign…