Walden vs The Bank of New York Mellon Corporation and BNY Mellon, N A , Case No 2 20 cv 01972 USDC

<p><strong>SUMMARY:</strong></p> <p><span style="font-weight: 400;">This episode of LegalCast focuses on the class action lawsuit against Bank of New York Mellon Corporation and BNY Mellon, N.A. regarding their alleged breaches of fiduciary duty handling discretionary investment accounts for private wealth clients. The guest lawyers explain the details of the case and the allegations against the defendants, describing in laymen’s terms the ways these investment practices violated their clients’ trust by purposefully breaching their contractual promises to investors. Instead of investing clients’ money in funds that would best benefit the clients, they engaged in a predetermined scheme to funnel money into investment vehicles that were owned by, or affiliated with, the Bank of New York.</span></p> <p> </p> <p><span style="font-weight: 400;">The guest lawyers also encourage listeners to be more conscious of their own banking practices by monitoring how their financial institutions are handling their money, asking questions to understand what is being done with their finances, and making sure not to blindly trust these institutions. </span></p> <p> </p> <p><span style="font-weight: 400;">If you like today’s episode, please rate and review it</span> <span style= "font-weight: 400;">(insert hyperlink).</span></p> <p><br /> <br /></p> <p><strong>KEY IDEAS:</strong></p> <p> </p> <ul> <li aria-level="1"><strong><span style="font-weight: 400;">A class-action lawsuit has been filed against the Bank of New York Mellon Corporation and BNY Mellon, N.A. on behalf of current and former customers of the BNY wealth management division, on the basis that the bank’s investment advisors did not fulfill their fiduciary obligations to their clients and were not acting in the clients’ best interests when making discretionary investments.</span></strong></li> </ul> <ul> <li aria-level="1"><span style="font-weight: 400;">The investment advisors were using clients’ funds to purchase underperforming investment vehicles from companies affil