A federal judge has permitted an individual investor's suit against Bessemer Trust Co. for alleged fraud and negligence to proceed.

The bank sought to have claims brought against it by David Levy dismissed.

But District Court Judge John F. Keenan in New York said Mr. Levy can go ahead with his suit, which charges New York-based Bessemer with fraud, negligence, and misrepresentation.

Mr. Levy claims that Bessemer failed to protect his assets, which the bank invested in a single stock.

The bank's inaction resulted in a loss of several million dollars, according to a statement by Mr. Levy's law firm, Brock, Fensterstock, Silverstein, McAuliffe & Wade.

Bessemer said it did not act improperly and will continue to defend its position.

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