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...

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