BNY Mellon Investor Sues Over Executive Bonuses

Law360, New York (June 23, 2011, 3:02 PM EDT) -- Bank of New York Mellon Corp. was hit Wednesday in New York court with a shareholder suit alleging executives stretched the rules of an incentive program and awarded themselves millions of dollars in undue bonuses in violation of a contract.

Shareholder Susan Freedman sued BNY Mellon and 14 of its directors and officers on behalf of the company, alleging that after creating so-called executive incentive compensation and long-term incentive plans in March 2008 that set concrete, objective thresholds based on stock performance and forbade increasing the...
To view the full article, register now.