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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.