8-KOther EventsExhibits & Filings

Bank of New York Mellon Corp 8-K Report, Corporate Update (Oct 23, 2009)

Filed October 23, 2009For Securities:BKBK-PKBNYBNY-PK

Summary

This 8-K filing from The Bank of New York Mellon Corporation (BK) primarily announces the settlement of a significant litigation case. The Federal Customs Service of the Russian Federation (FCS) had filed a lawsuit against The Bank of New York Mellon (the Bank), a subsidiary of BK, in the Moscow City Arbitration Court. The report confirms that this litigation has been settled as of October 20, 2009, with a press release issued on October 22, 2009, detailing the resolution. This settlement is a crucial event for investors as it removes a notable legal overhang and potential financial risk for the company. While the specific terms of the settlement are not disclosed in the 8-K itself, the filing indicates that a Settlement and Release Agreement has been entered into. Investors should view this as a positive development, signifying a resolution to a potentially costly and distracting legal dispute involving a foreign government agency.

Key Highlights

  • 1BK's subsidiary, The Bank of New York Mellon, has settled a lawsuit filed by the Federal Customs Service of the Russian Federation (FCS).
  • 2The litigation was based in the Moscow City Arbitration Court.
  • 3The settlement was reached as of October 20, 2009.
  • 4A press release was issued on October 22, 2009, to announce the settlement.
  • 5A Settlement and Release Agreement has been executed between the Bank and the FCS.
  • 6The filing is designated as 'Other Events' (Item 8.01) and includes the press release and settlement agreement as exhibits.

Frequently Asked Questions

The litigation involved a lawsuit filed by the Federal Customs Service of the Russian Federation (FCS) against The Bank of New York Mellon (the Bank), a subsidiary of BK, in the Moscow City Arbitration Court.

The settlement was announced via a press release issued on October 22, 2009. The event date for the settlement itself is reported as October 20, 2009.

The 8-K filing indicates that a Settlement and Release Agreement was entered into and provides an English version as an exhibit. However, the specific financial terms or details of the resolution are not elaborated upon within this filing.

This settlement is significant because it resolves a potentially costly legal dispute with a foreign government entity, removing a notable legal risk and potential financial liability for the company. This brings greater certainty to BK's financial and operational outlook.