Bank of New York Mellon agreed to pay a total of US $714 million to resolve civil lawsuits and investigations by the United States Attorney for the Southern District of New York, the US Department of Labor, the Securities and Exchange Commission and the New York State Attorney General related to the bank’s alleged misconduct in providing foreign exchange services to its customers from 2000 to 2011. Among other things, as part of the settlement, BNYM admitted that, although it promised its customers best execution and best rates in connection with their FX transactions in connection with the bank’s standing instruction foreign exchange product offering, it in fact gave its clients the worst reported interbank FX rates of the relevant trading day. According to the US Attorney’s stipulation and order of settlement, BNYM never disclosed its actual FX pricing methodology to its custodial clients or their investment managers who utilized the SI product. In addition, as part of its settlement, BNYM agreed to end its employment of David Nichols, the bank’s former manager who helped draft BNYM’s description of best execution and the SI product when he was aware that the description was not accurate. The bank agreed to terminate other employees too and augment client capability to assess the fairness of FX prices they receive. Mr. Nicholas also accepted responsibility for the conduct alleged in the US complaint.