Damages Analysis Tossed From BNY Mellon RBMS Action
By Emilie Ruscoe (May 28, 2020, 6:58 PM EDT) -- A federal judge in Manhattan on Thursday decided that a damages analysis is no longer admissible in a suit accusing Bank of New York Mellon of failing to protect investors in residential mortgage-backed securities.
U.S. District Judge Valerie E. Caproni's May 28 order granted BNY Mellon's request that she reconsider one expert's calculation of what the RMBS investors lost.
Based on the bank's explanation of expert Joseph Mason's analysis, which Judge Caproni noted the investors did not dispute, she decided to exclude Mason's analysis. But she gave the parties a few weeks to weigh in on whether or not Mason should...
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