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Harwood Feffer LLP Announces Investigation of Bank of New York Mellon Corp.

^{Published on 2011-10-05 18:03:14 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Harwood Feffer LLP ([ www.hfesq.com ]) is investigating possible violations of the Employee Retirement Income Security Act of 1974 (aERISAa) by the Bank of New York Mellon Corporation (aBNYa) (NYSE: BK) and certain of its officers, directors, and employees.

Specifically, Harwood Feffer is investigating whether certain fiduciaries of the Bank of New York Mellon Corporation 401(k) Savings Plan (the aPlana) may have breached their fiduciary duties under ERISA to the Plan and its participants and beneficiaries by continuing to invest the Plana™s assets in BNY common stock when it was no longer prudent to do so.

On October 4, 2011, it was announced that New York Attorney General Eric Schniederman and United States Attorney for the Southern District of New York Preet Bharara had filed separate lawsuits against BNY accusing it of overcharging state and other pension funds on foreign exchange fees and defrauding customers in the foreign exchange markets. The New York Times reported that Attorney General Schneiderman is seeking approximately $2 billion from BNY while U.S. Attorney Bharara is seeking ahundreds of millions of dollarsa in connection with the wrongdoing.

Since July 2011, BNY has additionally been sued by the Attorneys General of Florida and Virginia as well as at least one pension plan for the same conduct. Investigations have been opened in several other states as well as by the Securities and Exchange Commission and the Department of Justice. During the same period, the share price of BNY common stock has fallen approximately 30%.

Harwood Feffer is investigating, whether, based on the foregoing allegations, BNY common stock was an imprudent investment for the Plan.

If you have or have had an individual account with the Bank of New York Mellon Corporation 401(k) Savings Plan, and your account holds or held BNY common stock, you may have legal claims under ERISA.

Harwood Feffer has taken a leading role in many important actions on behalf of defrauded Plan participants in 401(k) plans and has recovered hundreds of millions of dollars in those efforts. Please visit the Harwood Feffer LLP website ([ http://www.hfesq.com ]) for more information about the firm.

To discuss this matter with us, or if you have any questions concerning your rights and interests with regard to this matter, please contact:

Robert I. Harwood, Esq.
Matthew M. Houston, Esq.
Benjamin Sachs-Michaels
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212) 935-7400
Email: [ rharwood@hfesq.com ]
[ mhouston@hfesq.com ]
[ bsachsmichaels@hfesq.com ]
Website: [ http://www.hfesq.com ]

Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ([ www.hfesq.com ]). Prior results do not guarantee or predict a similar outcome with respect to any future matter.