This is a reuters.com article.
Bank of New York Mellon Corp must face a lawsuit seeking to hold it liable for causing $1.12 billion of investor losses by failing to properly monitor five trusts backed by toxic residential mortgages, a Manhattan federal judge ruled.
U.S. District Judge Gregory Woods said Belgium’s Royal Park Investments SA/NV may pursue claims that the bank, as trustee for trusts dating from 2005 to 2007, ignored widespread, systemic abuse in how the underlying loans were underwritten and serviced, and failed to require that bad loans be repurchased.
PiggyBankBlog Courtroom Bailiff: “All Rise! Gold Olympian Cindy Brown has entered the Courtroom of Public Opinion in recent PiggyBankBlog Court of Public Opinion Radio Interview!”.