BNY Mellon Must Defend Clients’ Claims of Self-Dealing (Correct)

Bank of New York Mellon Corp. clients who allege the company invested their money in affiliated funds without permission may proceed with the majority of their claims for breach of contract and violation of Pennsylvania’s consumer protection law, a federal judge ruled.

Stephen and Leslie Walden allege in a proposed class action that BNY Mellon promised to act as a fiduciary and invest in their best interests, but instead, it pushed them into preselected mutual funds the bank either managed itself or in which it had some other financial stake.

In a motion for summary judgement, BNY Mellon argued that ...