BNY Mellon must face Belgian Investors $1.12bn RMBS lawsuit

BNY Mellon must face a Belgian investment fund's purported class action alleging the bank failed in its role as trustee of around $1.12bn in residential mortgaged-backed securities, following a New York judge's decision to allow the case to move forward as enough evidence had been produced to make it viable.

By Evan Weinberger (March 3, 2016, 4:06 PM EST) -- A New York federal judge on Wednesday said that a Belgian investment fund's purported class action alleging Bank of New York Mellon Corp. failed in its role as trustee of some $1.12 billion in residential mortgage-backed securities could move forward....

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