BoNY To Surrender Millions To Sentinel Trustee

Law360, New York (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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

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.