Pacific Life Hits BNY Mellon Over $80M Sigma Loss

Law360, New York (February 18, 2010, 2:59 PM EST) -- Pacific Life Insurance Co. says Bank of New York Mellon NA cost the insurer $80 million by blocking its bid to take its money out of a fund heavily invested in a structured investment vehicle managed by Sigma Finance Corp.

In a lawsuit filed Wednesday in the U.S. District Court for the Central District of California, Pacific Life claimed that not only was it barred from removing its money, BNY Mellon cut a side agreement that allowed the Hartford Financial Services Group Inc. to avoid the...
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