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BNY Mellon Takes $350 Million Charge, Mostly to Settle Suit

By Liz Moyer Bank of New York Mellon Corp. (BK) said Friday it will take a $350 million pretax charge in the second quarter, mostly to settle a lawsuit by investors who accused it of putting them in a risky debt security that collapsed during the financial crisis. The settlement, which needs court approval, concerns the late-2008 collapse of a $27 billion structured investment vehicle called Sigma Finance Corp. Investors in a securities-lending program run by Bank of New York, led by Oklahoma's state insurance fund, filed a class-action suit in federal court in Oklahoma in 2008. The securities-lending program put the investors' cash collateral in Sigma, according to the suit. J.P. Morgan Chase & Co. (JPM) agreed to settle a similar Sigma-related class-action lawsuit in March for $150 million. It didn't admit wrongdoing. A federal judge in Manhattan approved the settlement in June. Bank of New York said in a statement Friday that the second-quarter charge includes an expected payment of $280 million to settle the Sigma lawsuit, as well as additional litigation charges. Gerald Hassell, the bank's chairman and chief executive, said in a statement, "We are putting this litigation behind us, with no significant impact on our capital position, while continuing to make headway on other matters." The bank didn't admit to any wrongdoing related to the matter. Bank of New York also disclosed it estimates new Basel III capital rules will increase its Basel III tier-one common-equity ratio by more than one percentage point. That ratio was 7.6% at the end of March. The increase in the ratio is due to estimated reductions in risk-weighted assets in the bank's securities portfolio. Analysts polled by Thomson Reuters expect Bank of New York to post second-quarter net income of $638 million, or 54 cents a share. It is scheduled to report July 18. Bank of New York shares traded lower Friday, down 17 cents, or 0.8%, to $21.80, amid a broad selloff in financial stocks. Write to Liz Moyer at liz.moyer@dowjones.com

Stock News for Bank of N Y (BK)
DateTimeHeadline
08/27/201517:31:00Bank Scrambles to Price Funds After Glitch
08/27/201513:20:00Computer Woes Continue to Hamper Funds Management
08/26/201519:51:00Stung by Mutual Fund and ETF Glitch? Ask for a Refund
08/26/201515:30:00Federal Reserve Increasing Scrutiny of Bank Payment Systems
08/26/201515:28:00Federal Reserve Increasing Scrutiny of Bank Payment Systems...
08/26/201514:10:00A New Computer Glitch Is Rocking the Mutual Fund Industry
08/26/201514:07:00A New Computer Glitch is Rocking the Mutual Fund Industry
08/24/201510:00:00BNY Mellon's Pershing Study: Broker-Dealers Need to Rethink Their...
08/24/201508:26:00BNY Mellon Appointed Account Bank for Activate Capital Lending...
08/18/201516:41:00Bank of NY Mellon to Pay $14.8 Million to Settle FCPA Probe...
08/18/201513:10:00BNY Mellon to Pay $14.8 Million to Settle FCPA Probe
08/18/201512:57:00Bank of NY Mellon to Pay $14.8 Million to Settle FCPA Probe
08/18/201512:34:00Press Release: SEC Charges BNY Mellon With FCPA Violations
08/18/201507:46:00BNY Mellon to Feature Steve Forbes at Annual Symposium on Best...
08/17/201517:55:41Statement of Changes in Beneficial Ownership (4)
08/17/201517:55:13Statement of Changes in Beneficial Ownership (4)
08/17/201517:54:45Statement of Changes in Beneficial Ownership (4)
08/17/201517:53:50Statement of Changes in Beneficial Ownership (4)
08/17/201516:14:02Current Report Filing (8-k)
08/14/201513:50:22Peltz's Trian Takes Stake in Sysco

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