Law360, New York (December 9, 2011, 10:14 PM EST) -- A federal judge on Friday tossed The Bank of New York Mellon Corp.'s counterclaims and denied its request for summary judgment in a class action alleging it made risky and ruinous investments in Lehman Brothers Holdings Inc. notes and other mortgage-backed securities.
In the same order, U.S. District Judge Richard Berman also denied the plaintiffs' motion to strike the bank’s 21 affirmative defenses.
BNY Mellon had argued in its motion for summary judgment that the Lehman bankruptcy came as a surprise to everyone — not just...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.