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Lawsuits alleging that Bank of New York Mellon Corp. defrauded pension funds of millions may have hurt the bank’s reputation, though the depth of damage is difficult to determine, financial professionals say.

These kind of cases “tend to get settled,” said James Bauerle, chairman of the banking and bank regulatory practice group at Downtown law firm Keevican Weiss Bauerle & Hirsch LLC. He believes, “it’s reputation risk more than financial risk” for BNY Mellon.