BNY Mellon May Have To Face Trust Fund Selection Suit

Law360 (April 29, 2020, 9:13 PM EDT) -- A Pittsburgh federal magistrate judge on Wednesday recommended against releasing BNY Mellon from a proposed class action that accuses the bank of imprudently picking mutual funds for trusts under its care, saying the case is more nuanced than it has been portrayed and should proceed to discovery.

The suit, now in its third iteration, is brought by several trust beneficiaries who say BNY Mellon NA has breached its fiduciary duty as a trustee by unjustifiably steering trust money toward an affiliate's actively managed funds instead of lower-cost index fund alternatives, causing trusts it oversees to forgo hundreds of millions in returns....

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