BNYM Appeal in $8.5M Settlement Approved, Removal in Class Action Fairness Act Is Issue

The U.S. Court of Appeals for the Second Circuit Dec. 27 granted Bank of New York Mellon Corp. and other petitioners leave to appeal a district court order denying BNY Mellon’s request to remand an $8.5 billion settlement agreement to a state court (BlackRock Financial Management Inc. v. Walnut Place LLC; Bank of New York Mellon v. Segregated Account of Ambac Assurance Corp.).

In an order by Judges Peter W. Hall, Debra Ann Livingston, and Gerard E. Lynch, the appeals court consolidated two cases and granted Bank of America’s motion to file amicus briefs in support of ...