Bank of New York Mellon May Dodge $2 Billion in Lawsuits


The venerable New York bank may have found a way out of major lawsuits filed by the state of Massachusetts and others, which allege it overcharged and defrauded pension funds of billions of dollars. News broke tonight that the bank has entered talks with federal prosecutors to resolve the civil suits. Alexander Hamilton — Bank of New York and United States founder — breathed a posthumous sigh of relief. [WSJ]