Investor Blames Bank Of New York For Sentinel Mess

Law360, New York (September 11, 2007, 12:00 AM EDT) -- A former Sentinel Management Group Inc. investor filed a pair of proposed class actions Monday against the bankrupt and scandal-ridden investment firm's former directors and against Bank of New York Mellon Corp., former custodian of its assets.

Investor Henry Shatkin of Chicago clearing firm Shatkin Arbor Inc. filed his suit accusing the Bank of New York of dumping client funds into Sentinel's own account and using them as loan collateral in the U.S. District Court for the Southern District of New York.

And in a suit...
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