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Subject: ATY

Scott+Scott Attorneys at Law LLP Files Breach of Contract Action Against Bank of New York Mellon and Pacific Coast Energy Company LP


NEW YORK, July 8, 2020 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international securities and consumer rights litigation firm, today announced it has filed a class action lawsuit against the Bank of New York Mellon Trust Company, N.A., as Trustee of the Pacific Coast Oil Trust ("the Trustee") and Pacific Coast Energy Company LP ("PCEC"). 

The action, which was filed in California Superior Court, Los Angeles County, and is captioned Evergreen Capital Management LLC v. Bank of New York Mellon Trust Company, asserts claims for breach of contract against the Trustee and breach of the implied covenant of good faith and fair dealing against PCEC, on behalf of Trust Unitholders of Pacific Coast Oil Trust (the "Trust").

The lawsuit alleges that PCEC has improperly deprived the Trust and Trust Unitholders of revenue by incorrectly calculating current asset retirement obligations ("ARO") based on future oil and well abandonment costs in violation of GAAP and industry practices.  The lawsuit also alleges that the Trustee has been grossly negligent by taking inadequate actions to respond to PCEC's conduct.

By bringing this lawsuit, Plaintiff seeks an order forcing PCEC to stop its improper calculations, which have prevented the Trust and Unitholders from receiving the revenue that they are due.  Plaintiff also seeks consequential and compensatory damages arising from Defendants' conduct. 

If you wish to discuss this action, please contact plaintiff's counsel, Jing-Li Yu of Scott+Scott at (646) 992-4755 or via email at [email protected].

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States.  The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Ohio, and Virginia.

CONTACT:
Jing-Li Yu
Scott+Scott Attorneys at Law LLP 
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(646) 992-4755
[email protected]

SOURCE Scott+Scott Attorneys at Law LLP


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