The Securities and Exchange Commission fined the investment management arm of Bank of New York Mellon $1.5m for misleading claims it made about funds that use environmental and social criteria to pick stocks.

The SEC said 23 May that BNY Mellon Investment Adviser agreed to pay the fine after regulators found that some US mutual funds it managed didn’t go through a quality review of environmental, social or governance factors from July 2018 to September 2021. BNY neither admitted nor denied the claims.