Labor Department News Releases Update

The Bank of New York Mellon has agreed to repay $84 million to employee benefit plan customers who were victimized through the bank's "standing instruction" foreign exchange trading program. The agreement was reached as part of a larger settlement that resolves private lawsuits against the bank as well as suits brought by the U.S. Department of Justice and the New York State Attorney General.

This NEG was originally approved for up to $1,576,221 on April 30, 2014, with $721,370 initially released. Today's award increases the total funding to the full approved amount of $1,576,221. Individuals dislocated from three of the companies are certified as eligible for Trade Adjustment Assistance (TAA), and this dual enrollment project provides these workers with access to "wrap around" and supportive services that are not available through the TAA program. The full array of employment-related services allowable under a NEG is available to the workers not eligible for TAA.

In the week ending March 14, the advance figure for seasonally adjusted initial claims was 291,000, an increase of 1,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 289,000 to 290,000. The 4-week moving average was 304,750, an increase of 2,250 from the previous week's revised average. The previous week's average was revised up by 250 from 302,250 to 302,500.