BNY Mellon Pushes For Toss Of Trust Fund Selection Suit

Law360 (May 14, 2020, 5:40 PM EDT) -- BNY Mellon NA has moved to salvage its bid for dismissal of a proposed class action accusing it of imprudently channeling trust money into affiliate-managed mutual funds, telling a Pennsylvania federal court the case is advancing a "universally rejected theory."

The Pittsburgh-based bank on Wednesday urged U.S. District Judge Robert J. Colville to disregard a federal magistrate judge's recent report that recommended against throwing out the latest version of the suit, which was brought by several beneficiaries in trusts overseen by the bank and which has already escaped dismissal once.

The beneficiaries allege BNY breached its fiduciary duties as a trustee...

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