BNY Mellon, Citigroup, Berkshire Hathaway in Court News
19.05.12
(Adds Kinnucan in Lawsuits section, Whitney Bank in Verdicts and birth-control lawsuit and Comcast-Sprint in New Suits.)
Feb. 24 (Bloomberg) -- Bank of New York Mellon Corp., the world’s largest custody bank, may head to trial to defend against a lawsuit by Virginia claiming the state’s pension funds were defrauded in foreign-currency trades.
A state judge in Fairfax, Virginia, rejected the bank’s request for a so-called plea in bar hearing where BNY Mellon could seek dismissal of the case by presenting evidence it claims shows Virginia agreed to its pricing procedures for currency trades.
“I think we need to have a full trial on this issue,” Fairfax County Circuit Judge Terrence Ney said, according to a transcript of a Feb. 17 hearing. “I just don’t think it makes sense to take what is really the heart of the bank’s defense and try to squeeze it down into a plea in bar when it’s really about the entire case.”
[ Via: BusinessWeek | Read more... ]