Trust Beneficiaries Say BNY Mellon Can't Nix Self-Dealing Suit

Law360 (December 4, 2019, 2:24 PM EST) -- The beneficiaries of a trust managed by Bank of New York Mellon NA asked a Pennsylvania federal judge on Tuesday to reject the bank's latest bid to duck allegations it engaged in self-dealing.

Beneficiaries of the New York-based Van Valzah Trust have already been successful in warding off a dismissal bid last summer when U.S. District Judge Nora Barry Fischer rejected BNY Mellon's argument that the Securities Litigation Uniform Standards Act precluded claims that the bank breached a fiduciary duty to the trust by moving its money into a corporate affiliate's poorly performing mutual fund.

After an amended complaint was filed...

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