The Bank of New York Mellon Corp. said it will take a $425 million third-quarter charge to bail out 10 money market funds affected by Lehman Brothers Holdings Inc.'s bankruptcy.

Clients who invested in products such as money market mutual funds and cash sweep funds saw their values drop below $1 a share as a result of the Lehman Brothers collapse. Money funds try to maintain a constant $1 share price.

"While we are disappointed that the cost of these actions will impact our quarterly results, we feel this is an important investment in our client relationships," said Robert Kelly, BNY Mellon's chairman and chief executive officer.