We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Bank Of New York Reaches Agreement With SEC

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.