The Real Deal Miami

Mellon bank takes $425M markdown

September 24, 2008 04:56PM

Bank of New York Mellon will take a $425 million write-down in the third quarter to account for the devaluation of money market mutual funds and other funds affected by the Lehman Brothers bankruptcy filing. The write-down is intended to protect investors by keeping the funds, which are usually stable but decreased last week, at a $1 per share price.