BNY Mellon Ducks $100M RMBS Case 'Full Of Holes'

Law360, New York (August 7, 2017, 4:09 PM EDT) -- The first case against a residential mortgage-backed securities trustee to go to trial was spiked Friday by an Ohio judge, who said insurers' $100 million suit against BNY Mellon was “full of holes” and relied on a “grossly inappropriate” way of calculating damages.

Western & Southern Life Insurance Co. and other insurers had invested heavily in RMBSs before the financial crisis, but lost out when default rates spiked and a wave of foreclosures swept the U.S. The insurers in 2013 sued Bank of New York Mellon Corp., which held the loans in trust, for allegedly failing to reject dud mortgages that...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS