BNY Mellon Can't Quelch Class Action Over Lehman Losses

Law360, New York (December 9, 2011, 10:14 PM EST) -- A federal judge on Friday tossed The Bank of New York Mellon Corp.'s counterclaims and denied its request for summary judgment in a class action alleging it made risky and ruinous investments in Lehman Brothers Holdings Inc. notes and other mortgage-backed securities.

In the same order, U.S. District Judge Richard Berman also denied the plaintiffs' motion to strike the bank’s 21 affirmative defenses.

BNY Mellon had argued in its motion for summary judgment that the Lehman bankruptcy came as a surprise to everyone — not just...
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