NEW YORK, July 8, 2020 / PRNewswire / – Scott + Scott Lawyers LLP ("Scott + Scott"), an international securities and consumer law firm, announced today that it has filed a class action lawsuit against the Bank of New York. Mellon Trust Company, NA, as a trustee of the Pacific Coast Oil Trust ("the Trustee") and the Pacific Coast Energy Company LP ("PCEC").
The lawsuit, filed with the Supreme Court of California, Los Angeles County, entitled Evergreen Capital Management LLC against Bank of New York Mellon Trust Company, is alleging breach of trust and breach of the implied good faith contract valid and fair treatment of PCEC on behalf of the Trust Unitholders of the Pacific Coast Oil Trust (the "Trust").
The lawsuit alleges that PCEC has wrongfully deprived the trust and trust shareholders of income by misrepresenting its current asset decommissioning ("ARO") obligations based on future oil and well delivery costs in violation of GAAP and industry practices has calculated. The lawsuit also alleges that the trustee acted with gross negligence by taking inadequate measures to respond to PCEC's behavior.
In this lawsuit, the plaintiff is seeking an order that forces PCEC to cease its inappropriate calculations, which have prevented the trust and shareholders from receiving the due income. The plaintiff also claims consequential damages and claims for damages arising from the behavior of the defendant.
If you would like to discuss this measure, please contact the plaintiff's lawyer. Jing-Li Yu by Scott + Scott at (646) 992-4755 or by email at (Email protected).
About Scott + Scott Rechtsanwälte LLP
Scott + Scott has extensive experience in pursuing key securities, antitrust and consumer law measures in the United States. The company represents pension funds, foundations, individuals and other companies worldwide with offices in new York, London, Amsterdam, Connecticut, California, Ohio, and Virginia.
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