A former trader at Bank of New York Mellon Corp. BK 4.60% —who alerted authorities to the bank’s pattern of overcharging big clients on currency trades—was awarded a $50 million whistleblower payment.
The award, the largest of its type made by the Securities and Exchange Commission, comes more than a decade after the trader, Grant Wilson, began assisting authorities with the currency-trading investigations, according to a person familiar with the matter. The bank paid $714 million in fines and other compensation in 2015 to resolve allegations it defrauded pension funds and other clients related to currency transactions.
via Whistleblower Who Revealed Currency Abuses at BNY Mellon Gets $50 Million – WSJ.
