BNY Mellon Must Face Pa. Class Suit Alleging Self-Dealing
Law360 (June 14, 2019, 8:43 PM EDT) -- A Pennsylvania federal judge on Friday refused to throw out proposed class claims accusing the Bank of New York Mellon NA of engaging in self-dealing by moving money from a trust account into a poorly performing mutual fund operated by a corporate affiliate.
U.S. District Judge Nora Barry Fischer agreed to allow the lawsuit to move forward based on a magistrate's recommendations in April that the court reject BNY Mellon's position that the claims were barred under the Securities Litigation Uniform Standards Act. SLUSA precludes class actions brought under state law for alleged material misstatements or manipulative conduct related to a...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!