MELLON <MEC> SUED BY SHAREHOLDER
Mellon Bank Corp said a shareholder
filed a class action suit in Philadelphia in light of the
precipitous decline in Mellon's stock on the New York Stock
Exchange.
    Mellon's stock fell 3-1/2 to 40-7/8 today after plunging
6-1/4 yesterday after the bank holding company reported its
first loss in its 118 years, according to the shareholder, John
Paul Decker.
    Yesterday, the company said it expected to report a first
quarter loss of between 55 mln and 65 mln dlrs and its
intention to reduce the quarterly dividend.
    The shareholder charges that Mellon and its senior officers
failed to disclose the company's true financial condition
during the class period, between February 1, 1985 and
April 2, 1987 
    Mellon said it had no comment because it had not yet seen
the suit.
 Reuter
