Reuters: US Dollar Report: BNY Mellon pressured to have independent chairman

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BNY Mellon pressured to have independent chairman Apr 3rd 2012, 12:53 BOSTON, April 3 | Tue Apr 3, 2012 8:53am EDT BOSTON, April 3 (Reuters) - Bank of New York Mellon Corp , which has lost clients and revenue over allegations of foreign exchange fraud, is under pressure to take the chairman's title from Chief Executive Gerald Hassell. In a letter to BNY Mellon shareholders, CtW Investment Group, which represents pension funds that own an estimated 6 million shares in the custody bank, urged investors to vote for an independent chairman at the company's upcoming annual meeting. "We are urging support for the shareholder proposal calling for an independent chairman of the board at Bank of New York Mellon," CtW said in a letter filed with U.S. Securities and Exchange Commission. "Ensuring independent leadership of the board is vitally important in light of the numerous lawsuits filed against the company alleging fraud in its foreign exchange business in an amount up to $2 billion."

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