Law360, New York (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.U.S. District Judge Patti B. Saris found that Ashby Henderson's state-law claims of unjust enrichment and breach of fiduciary duty were not precluded by the Securities Litigation Uniform Standards Act, as BNY Mellon had argued. Henderson says the company shirked its duty to thousands of trust beneficiaries by investing their assets in poorly performing... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
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 .