BNY Mellon Victory in $312 Million Sentinel Lien Case Stands

Bank of New York Mellon Corp. won a U.S. Appeals Court ruling affirming it’s entitled to a $312 million lien on the holdings of the bankrupt suburban Chicago cash management firm Sentinel Management Group Inc.

After Sentinel filed for bankruptcy in 2007, liquidation trustee Frederick Grede sued the New York-based lender claiming its employees knew the firm was improperly using investor assets as credit-line collateral and sought to disallow or subordinate its lien.