BNY Mellon must face fiduciary duties violation case
A federal judge has ruled that BNY Mellon must face a class action brought by a trust beneficially, who claims that the bank invested the trust's assets to benefit itself, rather than in the best interests of the beneficiaries. The judge dismissed the bank's claims that the case ought to be dismissed; BNY Mellon had argued that the claims being made were precluded by the Securities Litigation Uniform Standards Act.

By John Kennedy (November 23, 2015, 9:19 PM EST) -- A Massachusetts federal judge on Monday refused to dismiss a proposed class action brought against The Bank of New York Mellon Trust Co. NA by a trust beneficiary who says the company invested the trust's assets to benefit itself rather than the best interests of the beneficiaries....

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