Reuters: US Dollar Report: UPDATE 1-BNY Mellon profit falls 37 percent on litigation charge

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UPDATE 1-BNY Mellon profit falls 37 percent on litigation charge Jul 18th 2012, 11:08 Wed Jul 18, 2012 7:08am EDT July 18 (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 an investor 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. Assets under custody and administration amounted to $27.1 trillion, an increase of 3 percent from a year earlier. Investment management and performance fees rose 2 percent to $797 million. Foreign exchange revenue fell 15 percent to $157 million. BNY Mellon faces several lawsuits that accuse the bank of overcharging on forex trades, but denies any wrongdoing.

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