The Bank of New York Mellon said late Tuesday that it is a victim of ‘prosecutorial overreach,’ at least in the case of the $2 billion lawsuit filed against it by New York state attorney general Eric T. Schneiderman.
"The claims in this lawsuit are flat out wrong, both on the law and on the facts,’’ the New York-based securities services firm said. “They reflect a fundamental misunderstanding by the Attorney General and his staff of the role of custodian banks and the operation of institutional FX markets.’’
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