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