Litigation
Feb. 2, 2012
Judge rules against Bank of New York Mellon
A federal judge ruled Tuesday that the Bank of New York Mellon must pay $20 million to a unit of Orange County-based Pacific Life Insurance Co.
By Don J. DeBenedictis
Daily Journal Staff Writer
SANTA ANA - A federal judge ruled Tuesday that the Bank of New York Mellon must pay $20 million to a unit of Orange County-based Pacific Life Insurance Co. for losses related to the bank's alleged mismanagement of a large securities lending program.
U.S. District Judge Josephine S. Tucker granted a summary judgment in favor of Pacific Select Fund, the insurance company's $10 billion investment arm. Tucker also rejecte...
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