November 24, 2017 / 12:37 PM / a year ago

BNY Mellon close to settling lawsuit over trust services

Pittsburgh-based Bank of New York Mellon is close to settling a proposed class action accusing it of mismanaging assets of thousands of trusts across the country, according to a filing in Boston federal court.

The settlement would resolve claims by trust beneficiaries that the bank breached its fiduciary duties by investing the vast majority of trust assets in its own, poorly performing mutual funds and other investments it managed or was affiliated with.

To read the full story on Westlaw Practitioner Insights, click here:

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