Wachovia, BNY Win Dibs On Meadowlands Funds

Law360, New York (February 22, 2010, 3:06 PM EST) -- Wachovia Bank NA and Bank of New York Mellon Corp. are first in line to tap $42.3 million in proceeds from bonds issued to redevelop landfills in New Jersey Meadowlands, a federal judge has ruled, saying their claims supersede those of a formerly bankrupt contractor and an insurer.

Judge Paul A. Crotty issued an order in the dispute over the bond proceeds on Friday in the U.S. District Court for the Southern District of New York granting summary judgment to Wachovia, which is now owned by...
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