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Financial institution of New York Mellon Corp. and a monetary expertise firm are going again to a Canadian court docket in a long-running authorized dispute over the New York-based agency’s alleged misuse of knowledge it licensed.
BNY Mellon and SS&C Applied sciences Holdings Inc. have been embroiled in a yearslong authorized tussle, after SS&C found info that led it to imagine BNY had taken financial-markets information and shared it with dozens of different entities, with out authorization or paying extra charges.
SS&C sued, alleging that BNY Mellon and its Canadian three way partnership, CIBC Mellon International Securities Companies Co., had breached the phrases of their contracts.
In 2021, it gained a discovering of legal responsibility from the Ontario Superior Courtroom, however the choose awarded solely minimal damages.
SS&C is now interesting, saying the court docket erred in its calculation and that it’s owed as a lot as $889.8 million.
The choose “resorted to guesswork that was inconsistent along with his earlier factual findings within the legal responsibility choice” within the ruling on damages, SS&C mentioned in a discover of enchantment filed Feb. 1 on the Courtroom of Enchantment for Ontario.
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