NEW YORK, March 19, 2015 /PRNewswire/ -- The Bank of New
York Mellon Corporation (NYSE: BK) today announced that it has
resolved substantially all of the foreign exchange (FX)-related
actions currently pending against the company.
The company has reached a series of settlement agreements with
the U.S. Department of Justice (DOJ), the New York Attorney General (NYAG), the U.S.
Department of Labor, the U.S. Securities and Exchange Commission
and private customer class actions. Collectively, these settlements
fully resolve the lawsuits and enforcement proceedings commenced by
these parties relating to certain of the standing instruction FX
services that BNY Mellon provided to its custody clients prior to
early 2012.
"We are pleased to put these legacy FX matters behind us, which
is in the best interest of our company and our constituents. We
continue to improve our product offerings to ensure they are
meeting client demand and positioning clients to succeed in an
increasingly complex financial environment," the company said.
The company has agreed to pay a total of $714 million to resolve these matters, subject to
required approvals. The total settlement amount is fully covered by
pre-existing legal reserves. The DOJ and NYAG will each receive
$167.5 million. The Department of
Labor will receive $14 million and
the Securities and Exchange Commission, with which the company has
reached a settlement in principle, will receive $30 million. The company has agreed to pay
$335 million to settle the customer
class action litigation.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of Dec. 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or
administration, and $1.7 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com, or
follow us on Twitter @BNYMellon.
Contacts:
Media
Kevin Heine
+1 212 635 1569
kevin.heine@bnymellon.com
Analysts
Valerie
Haertel
+1 212 635 8529
valerie.haertel@bnymellon.com
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SOURCE BNY Mellon