United States

Bank of New York Mellon Corp (BK)

BK on New York Consolidated

25 Oct 2016
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Latest Key Developments (Source: Significant Developments)

Bank Of New York Mellon Corp must face lawsuit over $1.12 bln mortgage loss - Reuters
Thursday, 3 Mar 2016 01:44pm EST 

Bank Of New York Mellon Corp:Bank of New York Mellon Corp must face a lawsuit seeking to hold it liable for causing $1.12 billion of investor losses by failing to properly monitor five trusts backed by toxic residential mortgages, a Manhattan federal judge ruled. - RTRS.U.S. District Judge Gregory Woods said Belgium's Royal Park Investments SA/NV may pursue claims that the bank.as trustee for trusts dating from 2005 to 2007, ignored widespread, systemic abuse in how the underlying loans were underwritten and serviced, and failed to require that bad loans be repurchased."Indeed," Woods wrote in his decision on Wednesday, "it would be implausible to assume that somehow all of the mortgage loans underlying the trusts miraculously avoided the pervasive practices of the industry at the time." The judge let Royal Park pursue claims including breach of contract, breach of trust, and violations of the federal Trust Indenture Act.Some other claims were dismissed. Royal Park contended that Bank of New York breached its duties in part out of fear it might anger or lose business from other financial services companies in retaliation.  Full Article

Bank of New York Mellon Corporation to buy assets of Atherton Lane Advisers
Wednesday, 20 Jan 2016 04:01pm EST 

Bank of New York Mellon Corporation:To buy assets of Atherton Lane Advisers.Terms of the deal were not disclosed.Upon completion of the transaction, Atherton will become part of BNY Mellon Wealth Management.  Full Article

Karson and Bank of NY Mellon Corp collaborate on capital financing transaction
Tuesday, 19 Jan 2016 08:00am EST 

Bank of NY Mellon Corp:Karson Management (Bermuda) Limited and affiliates (Karson) and BNY Mellon announced the completion of the first K-Note reinsurance collateral financing transaction in Canada.  Full Article

U.S. court rejects American International Group Inc, Bank of NY Mellon Corp tax credit appeals - Reuters
Tuesday, 8 Sep 2015 08:00pm EDT 

Bank of NY Mellon Corp:A U.S. appeals court on Wednesday rejected efforts by American International Group Inc and Bank of New York Mellon Corp BK.N to recoup hundreds of millions of dollars of foreign tax credits that the Internal Revenue Service did not allow - Reuters.By a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in New York dismissed arguments that the federal government, through the IRS, tried to tax both companies twice by denying them credits on taxes paid to foreign governments - Reuters.Circuit Judge Denny Chin said the transactions at issue were "most appropriately characterized as shams" under applicable law, known as the "economic substance" doctrine, because they were taken to avoid taxes, and appeared to offer little or no potential for financial gain - Reuters.AIG had sought $48.2 million of credits for 1997, following several cross-border transactions in which the insurer borrowed $1.6 billion and reinvested it at higher rates, ostensibly to make a profit, court papers show - Reuters.Meanwhile, court papers show that Bank of New York Mellon had sought $200 million of credits for 2001 and 2002 tied to a Barclays Plc BARC.L product known as STARS, in which it obtained a low-rate $1.5 billion loan whose proceeds it reinvested at higher rates - Reuters.  Full Article

The Bank of New York Mellon Corp declares quarterly common stock dividend
Tuesday, 21 Jul 2015 06:30am EDT 

The Bank of New York Mellon Corp:Declared quarterly common stock dividend of $0.17 per common share.This cash dividend is payable on Aug. 13 to shareholders of record as of close of business on Aug. 3.  Full Article

UK accounting watchdog probes KPMG over Bank of New York Mellon Corp audit - Reuters
Monday, 22 Jun 2015 08:00pm EDT 

Bank of New York Mellon Corp:Says Britain's accounting watchdog has opened an investigation into how top auditor KPMG confirmed that Bank of New York Mellon (BNY Mellon) was complying with UK rules on protecting customer money - Reuters.Says The Financial Reporting Council said in a statement it had launched the investigation into the conduct of KPMG auditors regarding BNY Mellon's London branch.Says Britain's Financial Conduct Authority fined BNY Mellon 126 million pounds ($199 million) in April for failing to keep customer money safe during the financial crisis.Says KPMG was responsible for reporting to the financial regulator that BNY Mellon was complying with rules on the safekeeping of customer assets.  Full Article

Bank of New York Mellon Corp to pay $180 million to settle foreign exchange lawsuit - Reuters
Thursday, 21 May 2015 06:06pm EDT 

Bank of New York Mellon Corp:Says it will pay $180 million to settle a foreign exchange-related putative class action lawsuit, according to a regulatory filing - Reuters.Expects to record a pretax charge of $50 million in the second quarter related to the settlement.Says the settlement will release the bank from all foreign exchange-related securities law claims brought against it or its affiliates in the suit.Federal and New York state authorities, among others, had accused BNY Mellon of giving clients prices for their currency transactions at or near the worst interbank rates during the trading day despite telling them it would provide the best possible execution.  Full Article

Bank of New York Mellon Corp pricing of public offering of $1 bln of depositary shares representing interests in preferred stock
Thursday, 23 Apr 2015 06:10pm EDT 

Bank of New York Mellon Corp:Prices an underwritten public offering of 1 mln depositary shares, each representing a 1/100th interest in a share of Series E noncumulative perpetual preferred stock, with a liquidation preference of $100,000 per share at a public offering price of $1,000 per depositary share.For total proceeds of $1 bln aggregate public offering price.Goldman, Sachs & Co., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and BNY Mellon Capital Markets, LLC served as joint book-running managers for the offering.Barclays Capital Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC served as joint lead managers for the offering.CIBC World Markets Corp., Jefferies & Company, Inc. and The Williams Capital Group, L.P. served as co-managers for the offering.offering is expected to close on April 28.Intends to use a portion of net proceeds to repurchase up to $700 mln of common stock, with a proportionate reduction in common stock repurchases if less than $1 bln of depositary shares is issued.Also expects to use any remaining net proceeds for general corporate purposes.  Full Article

UK watchdog fines Bank of New York Mellon $185 million - Reuters
Wednesday, 15 Apr 2015 06:25am EDT 

Bank of New York Mellon Corp:Britain's markets regulator has fined Bank of New York Mellon 126 million Pounds ($185.30 million) for failing to keep customer money safe during the financial crisis - Reuters.The Financial Conduct Authority (FCA) said the fine was levied on Bank of New York Mellon's London branch, and on Bank of New York Mellon International Limited for breaches that spanned nearly six years from Nov. 2007 to Aug. 2013.  Full Article

Bank of New York Mellon Corporation settles outstanding FX-Related actions
Thursday, 19 Mar 2015 03:59pm EDT 

Bank of New York Mellon Corporation:Resolves substantially all of the foreign exchange (FX)-related actions currently pending against the company.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.Company has agreed to pay a total of $714 million to resolve these matters, subject to required approvals.Total settlement amount is fully covered by pre-existing legal reserves.DOJ and NYAG will each receive $167.5 million.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.company has agreed to pay $335 million to settle the customer class action litigation.  Full Article


BNY Mellon profit beats estimates as costs fall

Bank of New York Mellon Corp reported a better-than-expected quarterly profit as expenses dropped 1.4 percent, and the world's largest custody bank said on Thursday it expected costs to drop as much as 2 percent in 2016.