Mismanagement of Stock Portfolio Claims Dismissed

Represented Mellon Bank Private Asset Management (The Bank of New York Mellon), along with a number of other Mellon entities and one former officer. This case was brought by a former Bank of New York Mellon client, Dr. Jeffrey Feingold, a wealthy, retired periodontist and technology investor, who alleged that The Bank of New York Mellon mismanaged his stock portfolio; at one time Dr. Feingold’s portfolio was valued at more than$36 million. Dr. Feingold alleged that The Bank of New York Mellon failed to diversify or apply hedging techniques to protect his investments, which declined sharply in value after the technology market fell in 2000. Dr. Feingold sought approximately $10 million in damages. In June 2007 the circuit court granted Bilzin Sumberg’s motion for final summary judgment and dismissed all claims against The Bank of New York Mellon. The plaintiff ultimately agreed to dismiss his appeal in return for a withdrawal of the motion for prevailing parties' attorneys’ fees and costs.