Sentinel Trustee's BoNY Suit Lacks Standing: Judge

Law360, New York (July 31, 2009, 4:17 PM EDT) -- A federal judge has dismissed a suit against Bank of New York Mellon Corp. brought by the liquidation trustee of money manager Sentinel Management Group Inc., ruling that the trustee cannot recover for Sentinel customers hundreds of millions that were allegedly lost as a result of a fraudulent investment scheme.

In an opinion signed Tuesday in the U.S. District Court for the Northern District of Illinois, Judge James B. Zagel granted BoNY’s motion to dismiss the suit, concluding that the trustee cannot sue on behalf of...
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