Bank Of New York Mellon Adjusts Q4 Results To Include Addl Litigation Expense

(RTTNews) - Bank of New York Mellon Corp. (BK) said Tuesday that it is adjusting its financial results for the fourth quarter ended Dec. 31, 2014 to include an additional after-tax litigation expense of $598 million in anticipation of the resolution of several previously disclosed matters, including substantially all of the foreign exchange-related actions.

As a result, BNY Mellon expects that there will be a significant decline in the aggregate range of reasonably possible losses for legal proceedings for the quarter ended Dec. 31, 2014.

BNY Mellon adjusted its fourth quarter financial results to net income of $209 million or $0.18 per share in recognition of the after-tax litigation expense. Last month, Bank of New York Mellon had reported fourth quarter net income of $807 million or $0.70 per share.