BNY Settlement Notices Left Investors In The Dark, Judge Says

Law360, Philadelphia (January 7, 2013, 5:52 PM EST) -- A federal judge on Wednesday backed a bankruptcy court's finding that settlement notices sent to Bank of New York Mellon Trust Co. bondholders during a Philadelphia-area hospital's bankruptcy proceedings didn't adequately inform them that accepting the $8.1 million deal meant waiving their rights to bring claims against the bank.

Upholding a pair of May 2012 bankruptcy court decisions, U.S. District Judge Timothy Savage said nine notices sent to bondholders informing them of the terms of the settlement agreement reached as part of the reorganization plan for...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

LOWER BUCKS HOSPITAL et al v. BECKER


Case Number

2:12-cv-03399

Court

Pennsylvania Eastern

Nature of Suit

Bankruptcy: Appeal (801)

Judge

TIMOTHY J. SAVAGE

Date Filed

June 15, 2012

Law Firms

Companies

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.