BNY Mellon Reaches $19M Settlement In Pension Fund Row

Law360, New York (March 3, 2014, 6:19 PM EST) -- The Bank of New York Mellon Corp. has reached a $19 million settlement with the Pennsylvania Treasury Department and two of the state’s largest public pension systems over funds that were lost in connection with a Sigma Finance Inc. investment during the 2007-2008 economic crisis.

BNY Mellon will pay a combined $19 million to the state’s treasury, the State Employees’ Retirement System and the Public School Employees’ Retirement System, which together lost $133.4 million after Sigma defaulted in 2008, the Pennsylvania Treasury said.

“Obviously, many public...
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