Class Suit Blasts Safety Of BNY Mellon's NetExchange

Law360, New York (September 3, 2009, 3:16 PM EDT) -- The Bank of New York Mellon Corp. and subsidiary Pershing LLC have been broadsided by a putative class action alleging their NetExchange Pro online trading system fails to provide the stringent security measures promised to account holders.

The complaint, filed Sept. 2 in the U.S. District Court for the Southern District of Florida, claims the defendants failed to adequately safeguard account holder information on its primary exchange platform, enabling individuals to remotely access confidential data scarcely protected by the program’s lax security protocols.

Pershing and BNY...
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