Harley et al v. The Bank of New York Mellon
||Richard A. Harley, Michael F. O'Connor, Robert J. Batory, Shirley A. Dwyer, "John" Holmes, The Retirement Plans Committee and Wellspan Health System Pension Plan
||The Bank of New York Mellon
||November 12, 2015
||US District Court for the Southern District of New York
||Foley Square Office
||XX Out of State
||Gregory H. Woods
|Nature of Suit:
||Employee Retirement Income Security Act of 1974
|Cause of Action:
||29 U.S.C. § 1132
|Jury Demanded By:
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|January 9, 2017
MEMORANDUM OPINION AND ORDER: While the level of customer service provided by BNY Mellon's CARS team declined following Ms. Conner's departure from the bank, the bank's response to the investment directions provided by WellSpan in Ju ly 2013 did not fall below the floor imposed by ERISA. BNY Mellons representative, Mr. Buczynski, carried out the directives presented to him, and ERISA imposed no duty on him or BNY Mellon to take additional steps to ensure that WellSpan's i ntentions - which were not effectively implemented by their instructions - were ultimately achieved. The reduction of BNY Mellon's level of customer service had consequences; in part as a result, they lost a customer. But because the duties of a directed trustee are significantly limited by statute, BNY Mellon is not liable for a violation of ERISA. The Clerk of Court is directed to enter judgment in favor of Defendant, to terminate all pending motions, and to close this case. (Signed by Judge Gregory H. Woods on 1/9/2017) (kgo)
|November 10, 2015
MEMORANDUM re MOTION to Transfer Case 5 (Order to follow as separate docket entry)Signed by Honorable Sylvia H. Rambo on 11/10/15. (ma) [Transferred from Pennsylvania Middle on 11/12/2015.]
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