The U.S. Securities and Exchange Commission (SEC) on Monday said it had slapped the investment arm of Bank of New York Mellon Corp. with a $1.5 million fine for making misstatements related to environmental, social, and corporate governance (ESG) issues for certain mutual funds it manages.
The SEC said that from July 2018 through September 2021, BNY Mellon Investment Adviser stated or implied that all investments in the funds had undergone an ESG quality review, even though numerous investments actually had not undergone that scrutiny. New York-based BNY Mellon settled the matter without admitting or denying the allegations. It agreed to a cease-and-desist order, a censure, and the penalty.
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Greg Andrews
Greg Andrews is the editor overseeing ALM Media's coverage of corporate legal departments. He previously was editor of Indianapolis Business Journal and business editor of The Indianapolis Star. Contact him at [email protected]. On Twitter: @Greg_Andr
