Bloomberg -- A British charity sued a Bank of New York Mellon Corp. unit that managed its funds, saying risky investments caused losses of about 7.9 million pounds ($12.2 million).

BNY Mellon’s Insight Investment Management Ltd. oversaw holdings “wholly unsuitable for the foundation,” including funds linked to derivatives and catastrophe bonds, according to a lawsuit filed by the Rank Foundation, a charity founded by the late film executive J. Arthur Rank.

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