Berger Montague Sues Bank of NY Mellon Corp. for Unlawful Issuance of $17.7 Billion in Unregistered Securities

PHILADELPHIA, April 17, 2025 /PRNewswire/ -- Berger Montague, a national plaintiffs' law firm, has filed a class action lawsuit against Bank of America Mellon Corp. (BNY) for its role in the alleged unlawful issuance of over $17.7 billion in Barclays unregistered securities.

"We work hard to protect the public investor community," said Michael Dell'Angelo, Executive Shareholder and General Counsel of Berger Montague. "Given that the lawfully issued securities are indistinguishable from the unlawful securities, all of the issued securities have been tainted," said Mr. Dell'Angelo.

After the illegal sale was reported by Barclays to the Securities and Exchange Commission, the value dropped, leaving investors with significant losses. The plaintiffs allege that BNY's role as indenture trustee meant it was the gatekeeper charged with reviewing and authenticating the note offerings. The involvement of trustees such as BNY is typically taken as a seal of legality and safety by the financial markets and investors.

In 2022, Barclays, as issuer, agreed to pay a $200 million fine plus $161 million in disgorgement and prejudgment interest to end the Security and Exchange Commission's claims over the unregistered securities.

Berger Montague is one of the nation's preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. The firm is active in the fields of antitrust, commercial litigation, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For more than 50 years, Berger Montague has played lead roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, Washington, D.C., and Wilmington, DE.

Contact:
Amy Wall-Monte
215.875.3021
[email protected]

SOURCE Berger Montague