Siding with BNY Mellon and its lawyers at Mayer Brown, a Manhattan federal appeals court has thwarted a potential class action brought by pension funds seeking to recoup losses from the financial institutions that served as trustees for residential mortgage-backed securities trusts. Under the ruling, the pensions can only pursue claims related to trusts they actually invested in.
The Dec. 23 decision from the U.S. Court of Appeals for the Second Circuit is a setback for plaintiffs trying to bring sweeping class actions alleging breach of duty against trustees that managed residential mortgage-backed securities trusts.
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