Trust Expert Praises BNY Mellon's Work On $8.5B BofA Deal

Law360, New York (July 18, 2013, 6:26 PM EDT) -- The Bank of New York Mellon Corp. acted reasonably and followed a half-century's worth of industry practice during the negotiations that led to an $8.5 billion mortgage-backed securities settlement, a corporate trust expert testified during a trial in New York state court Thursday.

Robert I. Landau praised the actions taken by BNY Mellon, the securities' trustee, in hammering out the deal, which was finalized in June 2011, after it was prodded to take actions to resolve problems in the securities by a group of institutional investors...
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