JPMorgan, BNY Mellon Sued Over Hospital Bond Filings

Law360, New York (October 17, 2011, 4:38 PM EDT) -- A Pennsylvania hospital bondholder hit J.P. Morgan Trust Co. NA and Bank of New York Mellon Trust Co. NA with a putative class action Friday, claiming outdated financial statements for $36 million in bonds cost holders when the hospital went bankrupt.

Leonard Becker says that the banks, during their respective tenures as creditors for the bonds, which were issued in 1992, did not make changes in Uniform Commercial Code filings to reflect the hospital's name change from Lower Bucks Hospital to Temple Lower Bucks Hospital Inc....
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