The U.S. Securities and Exchange Commission on Monday said it slapped the investment arm of Bank of New York Mellon Corp. with a $1.5 million fine for making ESG-related misstatements for certain mutual funds it managed.

The SEC said that from July 2018 through September 2021, BNY Mellon Investment Adviser stated or implied that all investments in the funds had undergone an ESG quality review, even though numerous investments actually had not undergone that scrutiny.