Bank of New York Tenders Offer To SEC In Issuer Probe

Law360, New York (March 1, 2006, 12:00 AM EST) -- Under scrutiny for its issuer services business, The Bank of New York Co. revealed this week that it has offered the U.S. Securities and Exchange Commission a settlement stemming from the regulator’s investigation.

The nation’s oldest bank announced the settlement offer on Wednesday, adding that the SEC’s staff had agreed to recommend the proposal for acceptance.

Still reeling from a $38 million fine imposed last November amid allegations of money laundering and fraud, BNY appears anxious to resolve the current investigation.

BNY had disclosed earlier that...
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