Canadian fintech SS&C is reportedly accusing banking giant BNY Mellon of data abuse.
Bloomberg News reported on Monday, February 5, that a long-standing legal dispute is back in court, with SS&C, which provides investment management services to investment managers, owed the large bank nearly $890 million. It was reported that he said that
According to the report, the case began when SS&C discovered information that BNY appeared to have obtained financial market data without permission or paying additional fees and shared it with dozens of other entities.
SS&C sued BNY Mellon and its Canadian joint venture, CIBC Mellon Global Securities Services, for breaching the terms of the agreement. In 2021, SS&C won a finding of liability from the Ontario Superior Court, but the judge awarded only minimal damages.
The company is currently appealing that decision, arguing that the court’s calculation of damages was based on “inferences inconsistent with previous factual findings in the liability judgment.”
The appeal goes on to say that the bank “destroyed and refused to produce relevant evidence” establishing how it used market data provided by SS&C.
A BNY Mellon spokesperson told PYMNTS that the company does not comment on ongoing litigation.
Last month, BNY Mellon announced a cash management solution called Virtual Account-Based Solution. This is aimed at giving customers greater access and control over cash management activities and reporting capabilities.
Virtual account-based solutions use virtual accounts linked to physical accounts within a bank, a virtual subledger that enables real-time reflection of deposits and withdrawals, and provides a continuously updated transaction and balance history. maintain.
“One of the key benefits of virtual accounts is the flexibility they offer clients,” PYMNTS writes. “Instead of opening multiple physical accounts with different banks, customers can now reflect their desired account structure through a virtual account.”
The bank recently collaborated with FinTech Obligo to improve the rental experience for property managers and renters.
PYMNTS reports that the integration of the companies’ services will allow Obligo to offer a suite of deposit solutions directly from its banking portal.
