BNY Mellon Sued by Wealth Clients Over Alleged Self-Dealing (1)

Bank of New York Mellon Corp. was accused in a proposed class-action lawsuit of steering wealth-management clients into proprietary or affiliated funds that underperformed the market but generated high fees and commission for the bank.

The complaint was filed Monday in federal court in Pittsburgh by a Georgia couple who became clients of the bank in 2014. Stephen and Leslie Walden allege BNY Mellon promised to act as a fiduciary and invest in their best interests but instead pushed them into preselected mutual funds the bank either managed itself or in which it had some other financial stake.

“BNY Mellon ...