BNY Mellon Fights For Right To Ala. County Sewer Money

Law360, New York (February 6, 2012, 5:10 PM EST) -- The Bank of New York Mellon Corp., which is indenture trustee for $3.6 billion in sewer warrants issued by Jefferson County, Ala., sued the bankrupt county Sunday seeking a ruling that it's entitled to receive all system revenues outside operating expenses.

The bank wants a declaration that capital expenditures, fees and expenses related to professionals that are not connected to the insolvent sewer system are not considered necessary operating expenses. It also wants a ruling that the payment of the sewer warrants at the heart of...
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