Mellon Bank, N.A. v. Securities Settlement Corp.

OPINION

CLARKSON S. FISHER, District Judge.

Before the court are the motions of plaintiff, Mellon Bank (“Mellon”), and defendant, Securities Settlement Corporation (“SSC”), for summary judgment. At oral argument, the parties agreed that the facts are not in dispute. The transaction underlying this case is relatively simple. SSC performed clearing services in connection with securities transactions in the accounts of one of its customers, Kobrin Securities (“Kobrin”). One of Kobrin’s clients was another entity, Barrett Consultants (“Barrett”), to whom SSC sent monthly statements regarding…