BNY Mellon, Santander Settle Bond Rate Dispute

Law360, New York (November 7, 2012, 4:40 PM EST) -- Bank of New York Mellon Trust Co. NA has reached a settlement in principle with Santander Holdings USA Inc. in their dispute over Santander's 2009 takeover of Sovereign Bancorp Inc., the bank’s attorneys told a New York magistrate judge Monday.

Details of the settlement were not disclosed, but the proposed deal comes nearly two months after U.S. Magistrate Judge James C. Francis issued a report and recommendation in favor of BNY Mellon in its dispute over provisions in a Sovereign debt offering and resulting interest rates...
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