Bank Of New York Reaches Agreement With SEC

Law360, New York (November 7, 2006, 12:00 AM EST) -- The Bank of New York Co. has reached agreements in principle with the U.S. Securities and Exchange Commission over its alleged involvement in illegal mutual fund market-timing.

The company announced the agreements on Monday.

The company disclosed in 2005 that the SEC was investigating possible market-timing transactions cleared by BNY securities unit Pershing LLC, and was looking into the trading activities of Pershing Trading Company LP and a floor specialist between 1999 and 2004.

BNY acquired Pershing from Credit Suisse First Boston for $2 billion in...
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