Law360, New York (March 29, 2012, 3:55 PM EDT) -- BNP Paribas can proceed with a contract claim against Bank of New York Trust Co. over allegations the trust didn't properly disburse insurance proceeds from lost loan principal tied to a $25 million mortgage pool investment, a New York federal judge ruled Wednesday.
But New York City federal judge Paul G. Gardephe cut the Paris-based banking giant's negligence and breach of fiduciary duty claims against the BoNY-owned trust, saying they were duplicative.
BNP Paribas' amended complaint, filed in May 2011, claims the BoNY trust failed to...
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.