Bank of NY Mellon must face lawsuit on Countrywide

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Bank of NY Mellon must face lawsuit on Countrywide

Bank of NY Mellon must face lawsuit on Countrywide

first to let investors in mortgage-backed securities pursue claims against a trustee under the 1939 federal Trust Indenture Act.

Reuters-

A federal judge rejected Bank of New York Mellon Corp’s bid to dismiss a lawsuit by investors over its role as trustee for mortgage-backed securities that led to an $8.5 billion settlement by Bank of America Corp.

U.S. District Judge William Pauley in Manhattan said on Tuesday that bondholders who invested in 26 trusts alleged to have contained risky mortgage loans from the former Countrywide Financial Corp may pursue claims against Bank of New York Mellon. He dismissed a variety of other claims.

[REUTERS]

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