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MELLON SETTLES SUIT AGAINST FORMER EXECUTIVE VICE PRESIDENT BIPIN SHAH

MELLON SETTLES SUIT AGAINST FORMER EXECUTIVE VICE PRESIDENT BIPIN SHAH
 PITTSBURGH, Sept. 3 /PRNewswire/ -- Mellon Bank, N.A. (NYSE: MEL) announced today that it has entered into a settlement agreement that will conclude litigation it commenced on Aug. 26, 1992 against Bipin C. Shah, a former executive vice president.
 Shah, who joined Mellon on March 2, 1992, announced on July 27, 1992 that he was resigning from Mellon to form Transaction Processing Inc. (TPI). The lawsuit charged Shah with breach of his duty of loyalty to Mellon Bank, unfair competition, diversion of corporate opportunities to TPI, and violation of fiduciary duties owed to Mellon.
 The settlement agreement provides for the dismissal of the lawsuit filed by Mellon Bank, N.A. without the admission of any wrongdoing by TPI, Shah or the four former Mellon employees. All parties have agreed to the court's retention of jurisdiction to enforce the settlement.
 The settlement agreement provides that Shah, TPI and four former employees of the bank who have joined TPI will not conduct certain types of business with Mellon customers, and will not seek to employ current Mellon Bank employees. In addition, the agreement confirms the continuing obligations of Shah, TPI and the four former employees to refrain from utilizing confidential or proprietary information of Mellon.
 "Mellon initiated this lawsuit to protect our position in the data and transaction processing businesses and to ensure an environment of fair competition in them. We are pleased to have reached a settlement that meets those objectives fully," said Mellon Vice Chairman W. Keith Smith. "The settlement puts this matter to rest and enables both Mellon and TPI to set about meeting their respective business objectives."
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 -0- 9/3/92 R
 /CONTACT: Mellon Corporate Communications, 412-234-6436/
 (MEL) CO: Mellon Bank Corporation; Transaction Processing Inc. ST: Pennsylvania IN: FIN SU:


CD -- PG012 -- 6675 09/03/92 17:22 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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