BNY Mellon Investor Suit Over Lehman Losses Trimmed

Law360, New York (September 10, 2012, 7:28 PM EDT) -- A New York federal judge on Monday significantly narrowed a putative class action against Bank of New York Mellon Corp. over failed Lehman Brothers Holdings Inc. loans, leaving only the securities lending clients’ breach of contract claim standing.

U.S. District Judge Richard J. Sullivan dismissed the Detroit public pension funds’ breach of the implied covenant of good faith and fair dealing and promissory estoppel claims, as well as its bid for monetary relief under its breach of fiduciary duty claim.

Judge Sullivan held that the first...
To view the full article, register now.