Fishman Haygood Files Petition Against BNY Mellon on Behalf of Oil Trust Investors

Fishman Haygood has filed a petition in Harris County, Texas, on behalf of seven investors in the Pacific Coast Oil Trust, alleging that Bank of New York Mellon Trust Co. NA, the trust’s paid trustee, failed to protect beneficiaries from years of improper accounting that wiped out tens of millions of dollars in distributions.

The clients, who collectively hold approximately 29% of the trust’s units, stopped receiving monthly payouts after Pacific Coast Energy Co. LP began improperly deducting asset retirement obligations from the trust’s revenue. The petition contends that BNY Mellon did not merely stand by: it affirmatively enabled, concealed, and prolonged the wrongful diversion while exercising exclusive control over the inspection and enforcement functions needed to challenge it.

The matter involves a trail of troubling facts, including the resignation of the trust’s independent operator, a lack of audited financials, the delisting of the trust’s units from the NYSE, and whistleblower complaints. Despite investors’ vote to remove BNY Mellon as trustee, it continues to hold its position.

The Fishman Haygood team includes Partners Jim Swanson, Blair Schilling, and Ian Atkinson, along with Associates Julie Meaders and Zoe Vogel. The firm represents the investors alongside co-counsel Hall Maines Lugrin PC.

The case is Shipyard Capital LP et al. v. Bank of New York Mellon Trust Co. NA, No. 2026-33832, in the 151st District Court of Harris County, Texas. Coverage of the filing appeared in Law360 on May 20, 2026.

Learn more about Fishman Haygood’s Securities and Antitrust practice here.