NEW YORK - A partial settlement of the civil fraud lawsuit the United States filed against the Bank of New York Mellon Corporation (“BNYM”) that will require BNYM to reform certain business practices.  Specifically, BNYM will change the disclosures it provides to clients about its foreign exchange services. 

Pursuant to the partial settlement, BNYM must disclose how transactions executed through its standing instruction foreign exchange service are priced, and must make certain pricing data available to its custodial clients on a periodic basis.  In addition, BNYM may no longer describe the standing instruction service as “free,” or represent that the service applies “best execution” standards. 

The settlement was approved today by United States District Judge Lewis Kaplan.