WASHINGTON (Reuters] – Monday’s announcement by the U.S. Securities and Exchange Commission was that BNY Mellon, (NYSE:), Investment Adviser, had paid $1.5 million in settlement charges for misrepresenting environmental and social governance (ESG),investment policies related to mutual funds it managed.

According to the SEC, BNY Mellon Investment Advisor represented and implied that investments made in funds between July 2018 and September 2021 had been subjected to an ESG quality audit. However, this was not always true.