The Bank of New York Mellon Corporation Investor Investigation Concerning Executive Compensation
Investigation on behalf of current long term investors in The Bank of New York Mellon Corporation (Public, NYSE:BK) over possible breaches of fiduciary duty - Contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com
SAN DIEGO, CA ( www.ShareholdersFoundation.com ) – An investigation on behalf of current long term investors of The Bank of New York Mellon Corporation (NYSE:BK) over possible shareholder claims concerning breaches of fiduciary duty related to the historical and potential compensation that was awarded certain senior officers was announced.
Those who currently hold(long term) shares of The Bank of New York Mellon Corporation (NYSE:BK) have certain options and those should contact the Shareholders Foundation, Inc. at
According to the investigation by a law firm the investigation focuses on possible claims that certain Bank of New York Mellon Corporation’s senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation from 2005-2007.
In 2008 the chairman and chief executive of Bank of New York Mellon Corp. received compensation valued at about $12 to 13.29 million, a 34- 42 % decline from 2007. In 2007, Robert Kelly's total pay package was valued at $20.5 million, which included a cash bonus of $7.5 million, according to the New York-based company. In February Bank of New York Mellon Corp. Chief Executive Officer Robert Kelly said he opposes a limit on bankers’ bonuses. The Bank of New York Mellon Corporation is a global financial services company with approximately $928 billion in assets under management and $20.2 trillion in assets under custody and administration. Certain senior officers at Bank of New York Mellon Corp., were awarded salaries, bonuses, stock options and other forms of long-term, ‘incentive’ or retirement compensation that was, so the investigation, excessive or unwarranted based on the Bank of New York Mellon’s performance as compared to what senior officers at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting. The investigation by the law firm is also investigating claims that the prior compensation awarded at Bank of New York Mellon Corporation is now clearly improper based upon its current operating condition. Finally the investigation focuses also on possible claims that would allow The Bank of New York Mellon Corporation (NYSE:BK) stockholders to influence or control future compensation decisions at Bank of New York Mellon. Bank of New York Mellon is located in New York and had $237billion in total assets with $1.419Billion net income in 2008. Shares of Bank of New York Mellon Corporation (NYSE:BK) traded around $29 per share, down from a 52weeknHigh of $42 per share, $45 per share in May 2008, and almost $58 per share in 2000. Bank of New York Mellon plans to repay the $3 billion it received from the U.S. government last year under the Troubled Asset Relief Program. In April 2009 Bank of New York Mellon Chairman and Chief Executive Officer Robert Kelly told shareholders that the "last year was a tough year," but "The good news is, this year is looking a little better.", and that he hopes that “ next year's annual meeting we'll have better news".
Those who currently hold(long term) shares of The Bank of New York Mellon Corporation (NYSE:BK) have certain options and those should contact the Shareholders Foundation, Inc. at
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 mail@shareholdersfoundation.com www.ShareholdersFoundation.com
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