BNY Mellon Loses Bid To Toss MBS Case

29 Jan 2013

BNY Mellon has lost a motion to dismiss a lawsuit filed against it by the Salvation Army, which has charged the bank for investing the charity’s funds in high-risk assets, including mortgage-backed securities, in violation of its securities-lending agreement.

BNY Mellon has lost a motion to dismiss a lawsuit filed against it by the Salvation Army, which has charged the bank for investing the charity’s funds in high-risk assets, including mortgage-backed securities, in violation of its securities-lending agreement. The bank argued that it had abided by the ...

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