The Bank of New York Mellon Corporation ("BNY Mellon" or the Company) is an American investment banking company.

According to a press released dated December 15, 2011, the Plaintiffs filed a class action lawsuit on behalf of purchasers of the common stock of BNY Mellon and certain of its senior executives and directors, as well the underwriters of two public offerings of the Company’s common stock conducted in May 2009 and June 2010. The action asserts claims under the Securities Exchange Act of 1934 ("Exchange Act") on behalf of investors in BNY Mellon’s common stock during the period of February 21, 2008 through August 11, 2011 (the "Class Period"), and seeks remedies under the Securities Act of 1933 on behalf of persons who purchased or otherwise acquired common stock pursuant and/or traceable to the Offerings.

The Complaint alleges that during the Class Period, the Company and certain of its senior executives violated provisions of the Exchange Act by issuing false and misleading press releases, financial statements, filings with the Securities and Exchange Commission and statements during investor conference calls. As alleged in the Complaint, throughout the Class Period, the Defendants misled investors regarding the Company's financial condition by reporting inflated revenue and concealing risks attributable to the Company’s participation in a scheme to fraudulently overcharge its custodial clients for foreign currency ("FX") trades. The Complaint also seeks remedies under the Exchange Act for material misstatements and omissions contained in materials issued in connection with the Offerings.

Beginning in January 2011, the Plaintiffs assert a series of corrective disclosures began to reveal the truth concerning the Company’s FX trading scheme, the profits derived from that misconduct and the Company's true financial condition and business prospects. Specifically, disclosures concerning the unsealing of several whistleblower lawsuits against the Company, including those in Virginia and Florida, the intervention in those suits by the attorneys general of Florida and Virginia, as well as a series of news articles examining the Company's improper FX trading practices, caused the price of stock to drop precipitously. As alleged in the Complaint, one news article published in The Wall Street Journal on August 12, 2011 quoted internal Company emails from an executive that admitted that providing "full transparency" into the Company's FX trading practices to its custodial clients would reduce the Company’s profit margins "dramatically." As a result of these disclosures, shares fell from $31.95 per share on January 21, 2011 to a closing price of $19.99 per share on August 12, 2011-a decline of over 37% that represents a market capitalization loss of over $14 billion. Since the end of the Class Period, both the New York Attorney General and the U.S. Department of Justice filed actions against the Company alleging claims arising out of the Company's FX trading practices, which are also reportedly the subject of an investigation by the SEC.

On March 29 2012, an order appointing lead Plaintiff and lead Counsel was issued by the Court.

On May 11, 2012, a consolidated Class Action Complaint was filed by the lead Plaintiffs.

On June 10, 2013, the Court denied without prejudice the Defendants' motion to dismiss the class action

On November 15, 2013, the Court granted the Defendant BNY Mellon's motion for emergency relief.

On June 23, 2015, the parties entered into a Stipulation of Settlement. On October 20, 2015, the Court issued an order granting final approval of the Settlement and dismissing this case.