Santander Owes BNY Mellon $308M In Bond Row, Judge Says

Law360, New York (September 12, 2012, 9:34 PM EDT) -- A New York magistrate judge recommended Wednesday that Santander Holdings USA Inc. pay Bank of New York Mellon Trust Co. NA more than $308 million over Santander's 2009 takeover of Sovereign Bancorp Inc., which should have raised interest rates on bonds BNY Mellon held.

U.S. Magistrate Judge James C. Francis proposed a damages award of more than $305 million for BNY Mellon, in addition to more than $3.1 million in attorneys’ fees, in light of U.S. District Judge Richard M. Berman’s December ruling that the 2009...
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