Co-Lead Counsel: Carver
The Bank of New York Mellon

On April 12, 2016, the Honorable J. Paul Oetken, District Judge, U.S. District Court for the Southern District of New York, appointed Ciresi Conlin as Co-Lead counsel in the national litigation for Carver v. The Bank of New York Mellon, No. 15-cv-10180. Ciresi Conlin LLP represents ERISA participants, beneficiaries, and trustees that hold American Depositary Receipts (“ADRs”) for which the Bank of New York Mellon Corp., The Bank of New York Mellon., and BNY Mellon N.A.  (collectively “BNYM”) acted as a depositary. ADRs represent a specified number of shares in a foreign corporation and are traded on American markets just like shares of U.S. stock. The lawsuit alleges that BNYM acted as a fiduciary to the ERISA participants, beneficiaries, and trustees, and in contravention of its fiduciary duties, engaged in a nefarious scheme of overcharging ERISA plans when converting ADR dividends from foreign currencies into U.S. Dollars. The lawsuit also alleges BNYM engaged in prohibited transactions under ERISA.