BoNY Admits Subsidiary Being Investigated Regarding Market Timing

November 9, 2004 ( - The Bank of New York (BoNY) has admitted that its Pershing LLC unit is being investigated regarding possible market timing and that it is a reviewing a proposed settlement with the US Attorney's office for Eastern New York.

In a  filing  with the Securities and Exchange Commission (SEC), BoNY also stated that various governmental and self-regulatory agencies have requested information on its relationship with its mutual fund business, BNY Hamilton Funds, Inc.  BoNY made clear that it is fully cooperating with the ongoing investigation regarding both Pershing and Hamilton Funds.

BoNY is heavily involved in the mutual fund industry, which over the past year has been rocked by scandals revolving around charges of late trading and market timing.