Commerce suit takes on big banks

An attorney is going after two big banks on behalf of Kansas City-based Commerce Bank.

Kansas City-area attorney Paul Snyder filed two lawsuits — one against U.S. Bank and another against The Bank of New York Mellon. The suits accuse the banks of failing to do their duties as trustees of investments made by Commerce and others in residential mortgage-backed securities, according to the Kansas City Business Journal.

The suit against U.S. Bank, filed in the Western District of Missouri, alleges a breach of contract to avoid conflict of interest and negligence for failing to perform duties carefully. The other suit claims The Bank of New York Mellon, filed in Jackson County Circuit Court, committed breach of contract, breach of fiduciary duty, negligence and accounting missteps.

Read more from the Kansas City Business Journal.