The Appellate Division of the New York Supreme Court, First Judicial Department, held this week that Bank of New York Mellon (BNY Mellon) could be liable for its failure to maintain complete mortgage loan files in its capacity as trustee for certain residential mortgage backed securities (RMBS).  The appellate court affirmed the trial court’s denial

Judge Marrero of the Southern District of New York preliminarily approved a $100 million class settlement on Thursday, and scheduled a hearing on July 8, 2016 to determine whether the settlements should be approved as fair.  Objections will be entertained no later than 20 days before the hearing.

The proposed settlement concerns six investment banks