BNY Mellon to Take Charge of $850 Million Following Court Ruling

Bank of New York Mellon Corp., the world’s largest custody bank, said it will take an after-tax charge of $850 million after the U.S. Tax Court made a ruling on the handling of foreign tax credits.

BNY Mellon expects to take the charge in the first quarter of 2013 as a result of today’s decision, according to a statement from the New York-based company. It will appeal the court’s decision.