By Dean Seal

The investment management wing of Bank of New York Mellon Corp. will pay the U.S. Securities and Exchange Commission a $1.5 million fine to resolve claims of misstatements and omissions about environmental, social and governance considerations in its investment decision-making for certain mutual funds that it manages.

BNY Mellon Investment Adviser Inc. neither admits nor denies SEC allegations that between July 2018 and September 2021 it said that all investments in its funds had gone through an ESG quality review, despite the fact that numerous investments by some of those funds didn't have a review score at the time of investment.

The SEC filed a settled action on Monday that calls for the BNY Mellon unit to pay a $1.5 million penalty. The regulator has been taking a harder look at ESG investment disclosures ever since the launch of its enforcement division's Climate and ESG Task Force in March 2021.

A spokesperson for the bank didn't immediately respond to a request for comment.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 23, 2022 10:03 ET (14:03 GMT)

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