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Stock impact report

BNY Mellon bank must face lawsuit over 'imprudent' trust investments - ruling [Reuters]

The Bank of New York Mellon Corporation (BK) 
Last the bank of new york mellon corporation earnings: 4/16 06:30 am Check Earnings Report
Company Research Source: Reuters
BNY Mellon bank must face lawsuit over 'imprudent' trust investments - ruling - Reuters 1 Min Read A federal judge in Pittsburgh has rejected a bid by a Bank of New York Mellon unit to dismiss a proposed class action accusing it of imprudently investing thousands of trusts’ assets in poorly performing mutual funds managed by an affiliate. BNY Mellon had argued that the plaintiffs, beneficiaries of the trusts, made only vague assertions that the mutual funds “underperformed” without establishing that they were an imprudent investment. In a decision on Friday, however, U.S. District Judge Nora Fischer adopted a magistrate judge’s conclusion in April that plaintiffs’ allegations were adequate to survive a motion to dismiss. To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2Xi3KCJ All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. Š 2019 Reuters. All Rights Reserved. BNY Mellon bank must face lawsuit over Show less Read more
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