Walden v. The Bank of New York Mellon Corporation and BNY Mellon, N.A., Case No. 2:20-cv-01972 USDC (E.D. Pa.)

Mark York Consumer Protection February 15, 2021

BANK of NEW YORK and MELLON BANK “Private Wealth Client” Fiduciary Breaches

Join Feb 16, 2021″LegalCast” with lead counsel from DICELLO LEVITT GUTZLER LLC and COUNCILL GUNNEMAN.

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The case is Walden v. The Bank of New York Mellon Corporation and BNY Mellon, N.A., Case No. 2:20-cv-01972-CRE in the United States District Court for the Western District of Pennsylvania. A link to the complaint is here.

The primary claims assert that clients of BNY Mellon’s wealth management division collectively deposited millions of dollars in their respective accounts and vested BNY Mellon with full investment authority over those funds. BNY Mellon and BNY Corp. promised that BNY Mellon would act as a fiduciary for its wealth management clients and represented that “[u]nder the fiduciary standard, financial advisors have a legal obligation to put the best interests of the client ahead of their own when making investment recommendations.