BNY Mellon Not Safe From Future MedCap Claims: Calif. Court

Law360, Los Angeles (July 18, 2013, 9:27 PM EDT) -- A California federal judge Thursday refused to rule that a proposed $114 million settlement between Bank of New York Mellon and Medical Capital Holdings Inc. investors was made in good faith, denying the bank protection from future claims over its alleged role in MedCap's massive Ponzi scheme.

U.S. District Judge David O. Carter ruled that BNY Mellon does not meet the requirements for a declaration of a good faith settlement under the California Code of Civil Procedure. BNY Mellon is not a tortfeasor in the actions...
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