Investors Pull Plug On BNY Mellon RMBS Trustee Suit

Law360 (September 13, 2019, 4:57 PM EDT) -- Investors including funds of BlackRock Inc. and other asset managers have dropped derivative claims seeking to recover billions of dollars in alleged damages from the Bank of New York Mellon on behalf of more than 200 crisis-era residential mortgage-backed securities trusts that it allegedly mismanaged as their trustee, according to New York federal court filings.

U.S. District Judge George B. Daniels signed off Thursday on a voluntary dismissal of the claims with prejudice, granting a joint request from the investors and the bank. No terms of any settlement were disclosed in the dismissal filings, which noted the bank has not admitted...

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