Mellon Financial will pay about $20m (€16.4m) to buy out the contract of Martin McGuinn, the company's former chairman and chief executive officer.

According to a proxy filing with the US Securities and Exchange Commission, McGuinn received total compensation of about $5.4m for 2005, excluding the grant of stock options.

Jennifer McCandless in New York

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Mellon pays $20m to buy out former CEO

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