UPDATE 3-NY prosecutors sue BNY Mellon over forex claims - Manhattan U.S. Attorney and the New York

Bank of New York Mellon was sued on Tuesday by New York federal and state prosecutors who accused the bank of cheating clients in foreign exchange transactions.

In two separate lawsuits seeking in excess of $2 billion, the Manhattan U.S. Attorney and the New York Attorney General alleged the bank misled clients about the method for determining what currency exchange rates it used for certain foreign exchange transactions.

Both lawsuits targeted the "standing instruction" service offered by the bank in which it provides clients with an as-needed basis for foreign exchange services. Read More