ADVFN - Advanced Financial Network.
HOME» NYSE » B » BK Stock Price » BK Stock News

Bank of N Y Share News

 Bank of Ny Mellon Cp Stock Price
BK Stock Price
 Bank of Ny Mellon Cp Stock Chart
BK Stock Chart
 Bank of Ny Mellon Cp Stock News
BK Stock News
 Bank of Ny Mellon Cp Company Information
BK Company Information
 Bank of Ny Mellon Cp Stock Trades
BK Stock Trades

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

Stock News for Bank of N Y (BK)
12/07/201619:20:00Bank of New York Lost Ability to Process Payments for 19 Hours
12/07/201618:29:00BNY Mellon Outage Caused Some Swift Payments to Fail -- Update
12/02/201608:12:27Current Report Filing (8-k)
12/02/201608:00:00BNY Mellon Elects Two New Directors
11/30/201607:25:00BNY Mellon to Speak at the 2016 Goldman Sachs U.S. Financial...
11/29/201608:35:00Third Quarter Plan Sponsor Returns Stay Positive with U.S. Equity...
11/29/201607:52:00Christopher Mager Named Head of New Global Innovation Group for...
11/28/201610:00:00BNY Mellon's Pershing Launches BMO® Gold Deposit Receipts Solution...
11/28/201608:35:00Texas Water Development Board Appoints BNY Mellon Trustee, Paying...
11/28/201608:05:00BNY Mellon Selected as Successor Depositary by Credit Suisse...
11/23/201616:20:00Puerto Rico's Top Creditors Flex Muscles in Bond Fight
11/22/201610:00:00BNY Mellon's Pershing CEO, Lisa Dolly, and COO, Lori Hardwick...
11/22/201607:07:00BNY Mellon Appointed Trustee and Paying Agent on Largest Ever...
11/17/201607:16:00BNY Mellon Launches Automated Medical Claims Payment Platform...
11/15/201616:54:42Current Report Filing (8-k)
11/15/201607:30:00BNY Mellon Launches Middle Office Solutions for State of Wisconsin...
11/14/201617:55:42Statement of Changes in Beneficial Ownership (4)
11/14/201617:53:52Statement of Changes in Beneficial Ownership (4)
11/14/201617:53:51Statement of Changes in Beneficial Ownership (4)
11/14/201617:53:50Statement of Changes in Beneficial Ownership (4)

Bank of N Y and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations