September 16, 2014
An Illinois federal judge on Tuesday rebuffed the Bank of New York Mellon Corp.'s bid to dismiss a union pension fund's suit claiming the bank cost it $11 million by making high-risk "prohibited transactions" with its assets, ruling that the fund pled adequate facts to support its allegations.
June 19, 2013
The trustees of a union's pension fund are accusing The Bank of New York Mellon Corp. of making high-risk "prohibited transactions" with the fund's assets in order to benefit the bank's business partners and maximize its profits, leaving the investor with $16 million in losses, according to a suit filed in Illinois federal court Tuesday.