Probe Of BNY Mellon Halted In Basell Investor Suit

Law360, New York (February 1, 2011, 7:04 PM EST) -- Discovery has been stayed in a suit alleging Bank of New York Mellon Corp. shirked duties to investors in $1 billion of Basell AF SCA debt by allowing a leveraged buyout of Lyondell Chemical Co. that allegedly bankrupted the company.

Judge Shirley Kornreich issued an order from the bench Tuesday in the Supreme Court for the State of New York, County of New York, halting discovery efforts until after the court makes a decision on the bank's motion to dismiss the suit.

“I don't believe there...
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