The Delaware Court of Chancery on Wednesday dismissed two derivative suits filed on behalf of the Bank of New York Mellon, which was hit with $1 billion in liability for foreign exchange practices that allegedly duped customers into overpaying for trades.
BNYM shareholders Murray Zucker and Carole Kops, in separate suits, had tried to hold the company’s officers and directors personally liable for alleged misdeeds that led to massive payouts, including a $714 million 2015 settlement with the U.S. Department of Justice and the New York attorney general’s office.
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