Compliance September 13, 2011

BNY Mellon Sued Over Lehman Losses by Detroit City Pension Funds

 September 13, 2011 (PLANSPONSOR.com) – Bank of New York Mellon Corp. was accused in a lawsuit by Detroit pensions funds of mishandling their money invested in Lehman Brothers Holdings, Inc., Bloomberg reports.

 
 

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 According to the article, the pension funds allege in their complaint BNY Mellon encouraged them to join its securities lending program, under which the bank would lend securities owned by the funds to creditworthy borrowers. The funds viewed the program as “akin to a conservative money market account,” according to the complaint filed yesterday in federal court in New York. 

The bank invested in Lehman notes in 2006 on behalf of the pension funds and continued to maintain the investments as uncertainty surrounding Lehman grew, the funds said. 

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BNY Mellon, based in New York, breached its fiduciary duty to the pension funds for city employees, including police officers and firefighters, they said in their complaint. The funds seek to represent a group of investors that together lost more than $1 billion in the notes. 

Break from the Grind September 13, 2011

TRIVIAL PURSUITS: What Was the Star-Spangled Banner's Original Name?

September 13, 2011 (PLANSPONSOR.com) - You have perhaps heard that the music to which Francis Scott Key’s poem was set was a popular English drinking tune.

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But what name did he give his poem?

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Answer:  “The Defence of Fort McHenry”

 

The poem was written after Key witnessed Fort Henry being bombarded by the British during the War of 1812. Key was inspired by the sight of a lone U.S. flag still flying over Fort McHenry at daybreak, as reflected in the now-famous words of the “Star-Spangled Banner”.

 

Extra credit:  What was that name of the “popular English drinking tune?”

 

 

Extra credit:  What was that name of the “popular English drinking tune?”

 

Answer:  "To Anacreon in Heaven" by John Stafford Smith.

 

People began referring to the song as "The Star-Spangled Banner" and in 1916 President Woodrow Wilson announced that it should be played at all official events. It was adopted as the national anthem on March 3, 1931. 

 

You can hear a version of that "popular English drinking tune" at https://si-interactive.s3.amazonaws.com/prod/plansponsor-com/wp-content/uploads/2017/05/25041448/NewsStory.aspx_.jpg?id=6442472332&page=3

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