Judge: Bank Did Not Breach Fiduciary Duty In Its Response To Directions

(February 8, 2017, 11:33 AM EST) -- NEW YORK — The Bank of New York Mellon’s response to investment directions provided by representatives of a pension plan in investing a portion of the plan’s in cash equivalents instead of equities did not “fall below the floor” imposed by the Employee Retirement Income Security Act, a federal judge in New York ruled Jan. 9 (Richard Harley, et al. v. The Bank of New York Mellon, No. 15-8898, S.D. N.Y., 2017 U.S. Dist. LEXIS 3068)....

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