BANKING & FINANCE - Aug. 10, 1992
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Court Orders Mellon Bank to Pay Heirs: A federal judge has ordered Mellon Bank to pay as much as $100 million to heirs who challenged fees charged by the bank to manage their trusts. The ruling came in a class-action lawsuit filed by John B. Upp, who challenged the “sweep fees” charged by Mellon and its predecessor in eastern Pennsylvania, Girard Bank, for transferring dividends, interest and other cash receipts into money market accounts. Vice Chairman Martin G. McGuinn denied that the bank overcharged customers and said the evidence did not support the verdict. Mellon vowed to appeal.
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