Reuters: US Dollar Report: CORRECTED-BNY Mellon wins dismissal in Virginia FX fraud case

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CORRECTED-BNY Mellon wins dismissal in Virginia FX fraud case May 1st 2012, 20:41 Tue May 1, 2012 4:41pm EDT BOSTON May 1 (Reuters) - A Virginia state judge on Tuesday dismissed a lawsuit that accused BNY Mellon Corp of overcharging on foreign exchange trades for pension funds in that state. Terrence Ney, a state judge in Fairfax County, said the pension funds, including the Virginia Retirement System, did not show evidence that they submitted claims for payment in connection with their allegations of overcharging on forex trades. A claim for payment is an essential part of proving a fraudulent action under the Virginia Fraud Against Taxpayers Act, the judge said in his ruling.

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