BNY Mellon results hit by legal costs

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BNY Mellon has said it included an additional after-tax legal expense of $598m to its reported fourth-quarter results, anticipating resolution of foreign exchange-related actions and other matters.

Reuters reports that the expense would lower net income to $209m, the company said.

BNY Mellon disclosed in a filing in January that U.S. regulators were considering charging it with violating U.S. foreign bribery laws after an investigation into internships it gave to relatives of sovereign wealth fund officials.

To access the complete Reuters article hit the link below:

BNY Mellon restates Q4 results to add $598 mln in legal costs

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