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BERNARD et al v. BNY MELLON, NATIONAL ASSOCIATION

  1. September 25, 2023

    Trusts Lose Class Cert. Bid In BNY Mellon Fund-Selection Suit

    A Pennsylvania federal judge has shot down a class certification bid from a trio of trust beneficiaries in a suit over losses suffered as a result of investment decisions made by BNY Mellon.

  2. May 16, 2022

    BNY Mellon Investors Want Cert. Based On Shared Policy

    Thousands of BNY Mellon investment decisions were guided by a common "solutions matrix" that steered many investments toward underperforming funds managed by an affiliate, a group of trust beneficiaries argued in seeking class certification from a Pennsylvania federal judge.

  3. March 02, 2022

    BNY Mellon Can't Escape Fund 'Channeling' Suit

    Bank of New York Mellon NA can't avoid a lawsuit from three trust beneficiaries accusing the bank of "channeling" assets into underperforming funds managed by an affiliate, Dreyfus Corp., a Pennsylvania federal judge ruled Wednesday, finding that the beneficiaries' claims are not time-barred as the bank had argued.

  4. April 06, 2021

    Trusts Seek Class Cert. In BNY Mellon Fund-Selection Suit

    A trio of trust beneficiaries told a Pennsylvania federal judge on Monday that a companywide policy at BNY Mellon of steering assets into underperforming funds managed by an affiliate warranted certification of a class in a suit over losses suffered as a result of the bank's investment decisions.

  5. April 01, 2021

    BNY Mellon Can't Cite Time Limit Yet In Fund Selection Suit

    A Pennsylvania federal judge ruled on Wednesday that a proposed federal class action accusing BNY Mellon of steering trusts' investments toward underperforming funds managed by an affiliate will live on into discovery, after escaping the bank's motion for judgment on the pleadings based on the statute of limitations.

  6. May 14, 2020

    BNY Mellon Pushes For Toss Of Trust Fund Selection Suit

    BNY Mellon NA has moved to salvage its bid for dismissal of a proposed class action accusing it of imprudently channeling trust money into affiliate-managed mutual funds, telling a Pennsylvania federal court the case is advancing a "universally rejected theory."

  7. April 29, 2020

    BNY Mellon May Have To Face Trust Fund Selection Suit

    A Pittsburgh federal magistrate judge on Wednesday recommended against releasing BNY Mellon from a proposed class action that accuses the bank of imprudently picking mutual funds for trusts under its care, saying the case is more nuanced than it has been portrayed and should proceed to discovery.

  8. December 04, 2019

    Trust Beneficiaries Say BNY Mellon Can't Nix Self-Dealing Suit

    The beneficiaries of a trust managed by Bank of New York Mellon NA asked a Pennsylvania federal judge on Tuesday to reject the bank's latest bid to duck allegations it engaged in self-dealing.

  9. June 14, 2019

    BNY Mellon Must Face Pa. Class Suit Alleging Self-Dealing

    A Pennsylvania federal judge on Friday refused to throw out proposed class claims accusing the Bank of New York Mellon NA of engaging in self-dealing by moving money from a trust account into a poorly performing mutual fund operated by a corporate affiliate.

  10. August 14, 2018

    BNY Mellon Says Fed Law Bars Case Alleging Self-Dealing

    A proposed class action lawsuit alleging the Bank of New York Mellon engaged in self-dealing should be dismissed because the case is precluded by the Securities Litigation Uniform Standards Act, the bank told a Pennsylvania federal court.

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