The trustee has been taken to court for its alleged ‘severe negligence’ in Barclays’ over-issuance of US exchange-traded notes (ETNs) worth US$17.7 billion.

A trio of investors have filed a class action suit against t he Bank of New York Mellon Corp ( BNY Mellon) over its ‘severe negligence’ as the indenture trustee for Barclays’ unlawful ETN offerings. The plaintiffs acquired some of these notes between 2018 and 2020, including a substantial amount of notes improperly authenticated by BNY Mellon, they contended to the US District Court for the Southern District of New York, demanding a jury trial on 13 March. The notes wort