NP filed suit in the Eastern District of Oklahoma on behalf of CompSource Oklahoma—a statutorily-created state workers compensation insurance company—and other participants in BNY Mellon’s securities lending program, alleging that BNY Mellon breached its fiduciary duties (under both common law and ERISA), breached its securities lending agreements, and was negligent in connection with its investment of its clients’ funds in medium-term notes of Sigma Finance, Inc.
After three and a half years of hard-fought, intense litigation, the parties reached a settlement in this matter. Judge Kim West of the United States District Court for the Eastern District of Oklahoma finally approved a $280 million cash settlement.
CompSource Oklahoma and the class was represented by NP partners Jeffrey Angelovich, Bradley Beckworth, Susan Whatley, Drew Pate, Lisa Baldwin, and Trey Duck.