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BNY Mellon's Arledge faces scrutiny as Main Street strategy lags

By Tim McLaughlin BOSTON (Reuters) - BNY Mellon Corp's investment management chief Curtis Arledge is on the hot seat. More than three years after the world's largest custody bank paid big money to bring him in to remake its asset management business, with a particular emphasis on pulling in more Main Street investors to its Dreyfus funds arm, the strategy has yet to pay off.

American philanthropist Bunny Mellon dies at 103

By Bill Trott and Victoria Cavaliere (Reuters) - Rachel "Bunny" Mellon, the aristocratic philanthropist and a close friend of Jacqueline Kennedy who provided money used to conceal 2008 U.S. presidential candidate John Edwards' extramarital affair, has died at the age of 103, her attorney's office confirmed on Tuesday.

Bank of NY Mellon in $28 million pact with Florida over forex pricing

(Reuters) - Bank of New York Mellon Corp on Friday reached a $28 million settlement with Florida's attorney general to resolve allegations that the bank overcharged a state pension plan on foreign currency transactions. Pam Bondi, the attorney general, said the accord provides full compensation for the state's past foreign currency trades, and ensures transparency on the pricing of future trades. Bank of New York Mellon said it was pleased to settle.

NYC funds pick State Street to replace BNY Mellon after FX flap

By Tim McLaughlin BOSTON (Reuters) - New York City pension funds have picked State Street Corp <STT.N> to safeguard $137 billion, replacing incumbent Bank of New York Mellon Corp <BK.N>, which was accused in 2011 of overcharging the funds on foreign currency trades. New York City Comptroller John Liu on Friday announced Boston-based State Street as the next master custodian for the five pension funds. The deal is pending successful contract negotiations.

Judge dismisses lawsuit against Bank of NY Mellon executives

By Jonathan Stempel NEW YORK (Reuters) - Bank of New York Mellon Corp <BK.N> officers and directors won the dismissal of a shareholder lawsuit accusing them of shirking their duties by letting the bank overcharge clients for trading currencies. In a decision made public on Wednesday, U.S. District Judge Lewis Kaplan in Manhattan said shareholders failed to allege that officials including Chief Executive Gerald Hassell ignored "red flags" or knew of facts to indicate that the world's largest custody bank was acting illegally.

BNY Mellon to add up to 100 positions at wealth management unit

(Reuters) - BNY Mellon Corp <BK.N>, the world's largest custody bank, said it would add up to 100 positions at its wealth management unit, expanding the sales force at the unit by 50 percent in the next two years. Banks such as Morgan Stanley <MS.N> and Goldman Sachs Group Inc <GS.N> have been expanding their less risky wealth management businesses as increased regulations hit investment banking.

Chesapeake wins bond dispute with Bank of NY Mellon

By Jonathan Stempel (Reuters) - Chesapeake Energy Corp <CHK.N> won the right to redeem $1.3 billion of notes early, as a federal judge rejected an argument by the notes' trustee, Bank of New York Mellon Corp <BK.N>, that the company waited too long to tell investors of its plans. Chesapeake, the No. 2 U.S. natural gas company, said it intends to refinance the notes, and that Wednesday's decision by U.S. District Judge Paul Engelmayer in Manhattan will save it more than $100 million in interest payments.
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