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Tuesday, March 22, 2016

Galvin Smites BNY Mellon Over NAVgate

News summary by MFWire's editors

Seven months after NAVgate, BNY Mellon has agreed to a $3-million state settlement.

William F. Galvin
The Boston Globe, Reuters, and the Reuters all report that today Bill Galvin, longtime Secretary of the Commonwealth of Massachusetts, unveiled a settlement with the custodial giant over the mutual fund pricing scandal from last summer. The settlement states that 66 institutional clients and about 1,200 mutual funds were affected by the pricing problems.

Galvin attacks BNY Mellon for lacking a backup plan for when a SunGard InvestOne software upgrade went wrong.

"Bank of New York Mellon, one of the largest financial institutions in the world, failed to have a plan in place to address immediately its sub-contractor's inability to calculate net asset values for the funds," Galvin states.

The pricing pain began on August 24, 2015, and by September 4 Galvin had opened an investigation into the scandal

Edited by: Neil Anderson, Managing Editor

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