Harwood Feffer LLP Announces Investigation Of The Bank of New York Mellon Corporation

Harwood Feffer LLP announced that it is investigating possible violations of the Employee Retirement Income Security Act of 1974 (ERISA) by the Bank of New York Mellon Corporation (BNY) and certain of its Officers, Directors, and employees. Specifically, Harwood Feffer is investigating whether certain fiduciaries of the Bank of New York Mellon Corporation 401Savings Plan may have breached their fiduciary duties under ERISA to the Plan and its participants and beneficiaries by continuing to invest the Plan’s assets in BNY common stock when it was no longer prudent to do so. On October 4, 2011, it was announced that New York Attorney General Eric Schniederman and United States Attorney for the Southern District of New York Preet Bharara had filed separate lawsuits against BNY accusing it of overcharging state and other pension funds on foreign exchange fees and defrauding customers in the foreign exchange markets. Since July 2011, BNY has additionally been sued by the Attorneys General of Florida and Virginia as well as at least one pension plan for the same conduct. Investigations have been opened in several other states as well as by the Securities and Exchange Commission and the Department of Justice. During the same period, the share price of BNY common stock has fallen approximately 30%. Harwood Feffer is investigating, whether, based on the foregoing allegations, BNY common stock was an imprudent investment for the Plan.