Nov 14 BNY Mellon Corp will not take a
hit to fourth-quarter earnings after agreeing to a $210 million
settlement related to Ponzi schemer Bernard Madoff, the custody
bank's top financial officer said on Wednesday.
BNY Mellon Chief Financial Officer Todd Gibbons said there
will be no financial implications because the company has
adequate reserves to cover the settlement. Gibbons made his
remarks at a Bank of America Merrill Lynch investment conference
in New York.
BNY Mellon, the world's largest custody bank, agreed to pay
$210 million to settle lawsuits for advising clients to invest
with Madoff, the New York attorney general said on Tuesday.