A federal judge has ruled that BNY Mellon must dismiss 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 interest of the beneficiaries . The judge dismissed the bank 's claims that the trust ought to be dismissed ; BNY Mellon had argued that the claims being made were precluded by the Securities Litigation Uniform Standards Act .
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.