The U.S. Court of Appeals for the 2nd Circuit has upheld a lower court's decision to dismiss a class-action brought by pension funds against BNY Mellon.
Among others, Chicago's police pension fund and the Grand Rapids, Michigan, city retirement fund sued BNY Mellon over claims related to losses from residential mortgage-backed securities suffered in the wake of the housing market crash.
BNY was trustee to 530 RMBS originated by Countrywide Home Loans. The plaintiffs alleged that BNY Mellon breached its fiduciary and trustee obligations by not overseeing the quality of the home loans built into the securities.
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