BNY Investors Can’t Amend Self-Dealing Class Action (Correct)

Bank of New York Mellon Corp. dodged another bullet in a proposed class action that said the bank failed to disclose conflicts of interest created by investing wealth-management money into BNY funds.

Stephen and Leslie Walden’s original class claims were preempted by the Securities Litigation Uniform Standards Act, Judge Christopher B. Brown of the US District Court for the Western District of Pennsylvania said last December. But he also said that the Waldens were welcome to try and amend their complaint to include a subclass of individuals who deposited cash into BNY bank accounts and whose assets were placed in ...