Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Galvin Smites BNY Mellon Over NAVgate Not Rated 0.0 Email Routing List Email & Route  Print Print
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
Commonwealth
Secretary
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


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use