BNY Mellon fails to have securities lending lawsuit dismissed

The Bank of New York Mellon has failed in its bid to dismiss a lawsuit that alleges it lost more than $1 billion by mishandling pension funds’ investments in Lehman Brothers


A breach of contract claim, which has been brought in New York by two Detroit-based public pension funds, the General Retirement System of the City and the Police & Fire Retirement System of the City, was not rejected by US district judge Richard Sullivan, despite three other claims being dismissed.

The funds allege that BNY Mellon took no action in 2008 to protect $1.9 billion of investments it had made on their behalf in Lehman floating-rate notes, despite warning signs and growing concerns

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