CompSource et al. v. BNY Mellon, N.A. et al.

 NPR, along with Kessler Topaz Meltzer & Check, LLP (“KTMC”), 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.  On July 6, 2012, the United States District Court for the Eastern District of Oklahoma preliminarily approved a $280,000,000 cash settlement.

All settlement efforts in this matter were presided over by former United States District Judge and U.S. Attorney Layn Phillips.  The parties completed discovery prior to reaching a settlement agreement.  Nearly five million pages of documents were produced and reviewed in this case.  Plaintiffs’ Counsel took or defended a total of 59 depositions, 12 of which took place over multiple days.  These depositions took place in seven different states across the country: New York, Texas, California, Maryland, Oklahoma, Pennsylvania, and Missouri.  These depositions resulted in 16,483 pages of recorded testimony and the inclusion of 1,738 exhibits.  The Court has granted final approval of this settlement.

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