BNY Mellon Can't Dodge Bondholder Suit Over $8M Settlement

Law360, New York (January 25, 2013, 8:18 PM EST) -- A Pennsylvania federal judge on Friday refused to toss a class action against Bank of New York Mellon Trust Co. over $8 million in settlement funds it is holding back from bondholders of a bankrupt suburban Philadelphia hospital seeking to recover it.

U.S. District Judge Legrome D. Davis rejected BNY Mellon’s argument that its bond agreements allow it to hold onto the funds from its settlement with Lower Bucks Hospital, ruling that the agreements were too vague to determine whether that is truly the case....
To view the full article, register now.