ESTATE OF NORMAN J. MERCER, Deceased

ESTATE OF NORMAN J. MERCER, Deceased. (211P/08/F) — In captioned proceeding, petitioners (Howard and David Mercer) seek, inter alia, the revocation of letters testamentary and letters of trusteeship issued to executors and trustees, Carol M. Mercer, Martin D. Newman and BNY Mellon, N.A. (respondents). In the motion presently before the court, petitioners seek leave to amend their petition for the second time. This most recent motion contains allegations concerning improper trading practices by the corporate fiduciary or its affiliate(s) to which they admitted wrongdoing in a recent settlement with the U.S. Justice Department of an action in the United States District Court for the Southern District of New York. The proposed amended petition contains allegations concerning the conduct complained of (between 2000 and 2011) and memorialized in the settlement agreement to support petitioners' claims that the "acts of dishonesty" render the corporate fiduciary "ineligible to act as a fiduciary of trusts and estates in New York pursuant to...SCPA 707(1) (e) and 711(8)" (Proposed Amended Petition, p.9, ¶23).

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ESTATE OF NORMAN J. MERCER, Deceased. (211P/08/F) — In captioned proceeding, petitioners (Howard and David Mercer) seek, inter alia, the revocation of letters testamentary and letters of trusteeship issued to executors and trustees, Carol M. Mercer, Martin D. Newman and BNY Mellon, N.A. (respondents). In the motion presently before the court, petitioners seek leave to amend their petition for the second time. This most recent motion contains allegations concerning improper trading practices by the corporate fiduciary or its affiliate(s) to which they admitted wrongdoing in a recent settlement with the U.S. Justice Department of an action in the United States District Court for the Southern District of New York. The proposed amended petition contains allegations concerning the conduct complained of (between 2000 and 2011) and memorialized in the settlement agreement to support petitioners’ claims that the “acts of dishonesty” render the corporate fiduciary “ineligible to act as a fiduciary of trusts and estates in New York pursuant to…SCPA 707(1) (e) and 711(8)” (Proposed Amended Petition, p.9, ¶23).

In opposition to the motion, counsel for the fiduciaries argue that The Bank of New York Mellon (TBNYM) involved in the federal litigation concerning foreign exchange practices and Bank of New York Mellon, N.A. (BNYM NA) are different and distinct corporate entities, and that neither the Mercer estate nor the testamentary trusts flowing therefrom ever owned securities traded on foreign exchanges or engaged in foreign exchange currency trading.

ESTATE OF NORMAN J. MERCER, Deceased

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