Tags: ken | cuccinelli | files | suit

Cuccinelli Sues NY Mellon Bank Citing Fraud

Friday, 12 Aug 2011 09:40 AM

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Virginia Attorney General Ken Cuccinelli has filed a lawsuit against the bank of New York Mellon charging the major financial institution with defrauding state and local pension funds. The suit seeks $900 million in damages and penalties, The Washington Post reported.
 
The suit alleges that since 2000 the bank defrauded the Virginia Retirement System and the pension funds in Arlington and Fairfax counties 73,000 times. “Now all of Virginia taxpayers are harmed,” the Republican attorney general told the Post. “If you assume the taxpayers are going to make good on whatever obligations these funds undertake, really the people who are going to be harmed by this as a particular matter are the taxpayers.”
 
The suit alleges that currency traders skimmed profits by falsely reporting the rate at which currency was exchanged. The bank disputes the charges.
 
 “The lawsuit filed by the Virginia attorney general is unwarranted and reflects a flawed understanding of foreign currency markets,” Bank of New York Mellon spokesman Kevin Heine told the Post. “We will fight these claims in court and are confident we will prevail . . . While our first choice is always an amicable resolution, we refuse to be coerced into paying for and admitting to wrongdoing where none exists.”
 
Cuccinelli told the Post he has received calls about the suit from officials in other states with pension fund contracts with the bank.

© 2014 Newsmax. All rights reserved.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Hank Aaron Flooded with Racist Hate Mail After GOP Attack

Wednesday, 16 Apr 2014 13:01 PM

The offices of the Atlanta Braves have been flooded with racist letters, emails and phone calls attacking Hall of Famer  . . .

NYC Mayor de Blasio Paid 8.3 Percent Income Tax

Wednesday, 16 Apr 2014 12:45 PM

New York City Mayor Bill de Blasio, who campaigned on a platform of raising taxes on the wealthy, paid an effective fede . . .

Activist: Cummings' Questions 'Eerily Similar' to IRS Probe

Wednesday, 16 Apr 2014 12:12 PM

Conservative activist Catherine Engelbrecht said the questions Maryland Democrat Rep. Elijah Cummings asked her during a . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved