March 6, 2018 / 11:00 PM / 9 months ago

BNY Mellon settles lawsuit over trust services with fee concessions

Bank of New York Mellon has agreed to continue providing fee concessions worth more than $35 million to resolve a class action lawsuit accusing it of imprudently investing thousands of trusts’ assets and charging them unauthorized fees.

The proposed settlement was disclosed in papers filed on Sunday in federal court in Boston and would resolve a 2015 lawsuit claiming the New York-based bank breached the duties it owed to trust beneficiaries.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2FY4Atb

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