Oregon seeks to co-lead forex class action against BNY Mellon

The state of Oregon is seeking co-lead plaintiff status in a securities fraud class-action lawsuit against Bank of New York Mellon (BK), confirmed James Sinks, spokesman for state Treasurer Ted Wheeler and the Oregon Investment Council, Tigard.

Oregon is seeking to recover a combined $15.7 million lost by the $57.3 billion Oregon Public Employees Retirement Fund, Salem, and the Oregon Common School Fund.

The $1.3 billion Louisiana Municipal Police Employees Retirement System, Baton Rouge, is also a plaintiff in the lawsuit.

The suit, filed in December in U.S. District Court in New York, alleges that BNY Mellon and some of its executive officers misled investors about its revenues and, in particular, the sustainability and profitability of the company's FX trading strategies.

Oregon seeks co-lead plaintiff status with Danske Invest.

BNY Mellon is also the subject of lawsuits filed by attorneys general of Virginia, Florida and New York state as well as an investigation by the SEC.