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Law Offices of Howard G. Smith Announces Investigation of The Bank of New York Mellon Corporation

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  Published in Business and Finance on Friday, October 28th 2011 at 17:43 GMT by Market Wire
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BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against The Bank of New York Mellon Corporation (aBNYMa or the aCompanya) (NYSE:BK) concerning possible breaches of fiduciary duties by the Company or its fiduciaries. BNYM provides various financial products and services worldwide.

"made proper representations to pension-fund clients about how their currency trades would be handled and priced."

The investigation concerns the Companyas foreign exchange practices. On May 24, 2011, The Wall Street Journal (WSJ) reported that the Securities and Exchange Commission is examining whether BNYM amade proper representations to pension-fund clients about how their currency trades would be handled and priced.a The WSJ article further reported that in previously filed lawsuits several pension funds alleged that BNYM, among others, afalsified foreign-exchange rates for the funds to the benefit of the banks.a The newspaperas own analysis of 9,400 trades over a decade for a county employees retirement fund showed that aBNYM priced 58% of currency trades within the 10% of each day's ainterbanka trading range that was least favorable to the fund.a

If you purchased BNYM stock and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].