“(Reuters) – Bank of New York Mellon Corp said on Wednesday that second-quarter net income had fallen 37 percent on lower foreign exchange revenue and after it paid $212 million to settle aninvestor lawsuit.
The world’s largest custody bank reported net income of $466 million, or 39 cents a share, compared with $735 million, or 59 cents a share, a year earlier.
As announced earlier this month, the results included an after-tax charge of $212 million to settle an investor lawsuit accusing the bank of imprudently investing their cash in a risky debt vehicle that collapsed in 2008.
Quarterly revenue fell to $3.62 billion from $3.85 billion.”
If you enjoy the content at iBankCoin, please follow us on Twitter