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BNY Mellon to pay $1.3m settlement

Associated Press

  December 23, 2011

The Bank of New York Mellon Corp. will pay $1.3 million to three states to settle an investigation into manipulative trading of auction rate securities facilitated by employees at one of the company’s subsidiaries, the New York attorney general’s office said. Under the agreement, BNY Mellon agreed to cease any further violations of New York’s Martin Act, which prohibits deception in offering securities. The deal ends a joint investigation with the Texas State Securities Board and the Florida Office of Financial Regulation.

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