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BoNY To Surrender Millions To Sentinel Trustee

Law360 (October 17, 2007, 12:00 AM EDT) -- Bank of New York Mellon Corp. is cooperating with the demands of Sentinel Management Group Inc.'s U.S. Trustee and says it will hand over more than $22.4 million in investors' cash and over $100 million in securities that, according to one investor's suit, it had failed to safeguard properly.

With the motion for approval of a stipulation with the bank that he filed in the Chicago bankruptcy court Tuesday, U.S. Trustee Frederick Grede said that he would hold those funds under his name in JP Morgan...
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