MELLON <MEL> SAYS SUIT IS WITHOUT MERIT
Mellon Bank Corp said that an
earlier announced shareholder class action suit was totally
without merit and that it would vigorously defend it.
    Earlier, an attorney for shareholder John Paul Decker said
he filed suit due to the precipitous decline in Mellon's stock
since reporting on Thursday that it would be posting a first
quarter loss of 55-65 mln dlrs.
    Mellon's stock fell 3-5/8 to 40-3/4 today after plunging
6-1/4 yesterday. The shareholder's attorney said he charges
that Mellon failed to disclose its true financial condition
between February 1, 1985 and April 2, 1987.
 Reuter
