UPDATE 1-Bank of New York to pay $110 mln to GM unit

Newswire

(Adds details throughout) NEW YORK, Sept 29 (Reuters) - Bank of New York Co. on Monday said it would pay $110 million to General Motors Corp.'s finance arm to settle claims that the automaker paid too much for the bank's commercial lending unit. The New York-based bank has been in talks with the finance arm, General Motors Acceptance Corp., for several months over the 1999 sale of the unit, BNY Financial Corp., for $1.8 billion in cash. Bank of New York expects a third quarter ...

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