Bank of NY Mellon to pay $114 million in Medical Capital accord

[riky]

Bank of NY Mellon to pay $114 million in Medical Capital accord

<p><a href="http://news.yahoo.com/bank-ny-mellon-pay-114-million-medical-capital-220913294--finance.html"><img src="http://l3.yimg.com/bt/api/res/1.2/zsl3ts5EGut9pUGE2lG0kQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9ODU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-02-22T220913Z_1_CBRE91L1PJN00_RTROPTP_2_BNYMELLON.JPG" width="130" height="86" alt="A BNY Mellon sign is seen on their headquarters in New York's financial district" align="left" title="A BNY Mellon sign is seen on their headquarters in New York's financial district" border="0" /></a>(Reuters) - Bank of New York Mellon Co has agreed to pay $114 million to settle claims over its role as trustee for debt issued by Medical Capital Holdings Inc, a medical receivables financing company that collapsed in 2009 amid fraud allegations. Investors accused Bank of New York Mellon, the world's largest custodial bank, of failing to properly review Medical Capital's dealings before letting the company use investors' money, breaching its fiduciary and contractual obligations to those investors. Medical Capital and two top executives had been sued by the U.S. ...</p><br clear="all"/>

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