BNY Mellon Beats Class Cert. In Suit Over Lehman Losses

Law360, New York (August 17, 2012, 1:44 PM EDT) -- A New York federal judge on Thursday denied class certification in a suit accusing Bank of New York Mellon Corp. of investing pension plans' assets in risky floating-rate Lehman Brothers Holdings Inc. notes, ruling that the claims weren't similar enough to warrant class status.

U.S. District Judge Richard M. Berman said the 239 pension plans that the board of trustees of the Southern California IBEW-NECA Defined Contribution Plan had claimed had also invested in the risky notes were sophisticated institutional investors with varying circumstances and the resources...
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