Law360, New York (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.U.S. District Judge Gregory H. Woods of the federal district court in Manhattan said Royal Park Investments SA/NV had brought sufficient evidence that Bank of New York Mellon did not sufficiently protect investors in the securities, and should have known that the underlying mortgages were not of the promised quality. Judge Woods said the fund’s claims did not have to meet... 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
BNY Mellon must face a Belgian investment fund's purported class action alleging the bank failed in its role as trustee of some $1.12 billion 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.