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The Bank of New York Mellon Corporation Announces Settlement Of Sigma Class Action Litigation


Friday, 6 Jul 2012 08:30am EDT 

The Bank of New York Mellon Corporation announced that on July 5, 2012 it entered into a settlement agreement related to a previously disclosed class action lawsuit pending in federal court in Oklahoma and initiated by CompSource Oklahoma concerning losses in connection with the investment of securities lending collateral in Sigma Finance Inc. (Sigma). The settlement agreement is subject to court approval. The Company recorded an after-tax charge in the second quarter of 2012 of approximately $210 million ($350 million pre-tax) primarily related to claims involving Sigma investments. This charge includes in part the expected payment of $280 million settling the Sigma-related class action. 

Company Quote

34.21
0.63 +1.88%
23 Apr 2014