Bank of New York Mellon and Pacific Coast Energy were named in a petition to appoint a successor trustee and to modify trust on Sept. 13 in Delaware Court of Chancery. The lawsuit was filed by Christensen & Dougherty on behalf of Evergreen Capital Management and other plaintiffs accusing Bank of New York Mellon of allowing Pacific Coast Energy to engage in a scheme to force the dissolution of Pacific Coast Oil Trust, an investment vehicle connected to oil and gas properties in Southern California, in order to acquire its assets for 'pennies on the dollar.' The case is 2023-0932-, Evergreen Capital Management LLC, et al. v. Pacific Coast Energy Company LP and Bank of New York Mellon.
Banking & Financial Services
September 13, 2023, 2:05 PM