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Tuesday, November 07, 2017 7:22:43 PM
I'm assuming that was because they simply didn't know about the problem till the payout had begun. But of course that's not to say they couldn't have stopped the process and removed the dividend from the accounts of those to whom it'd been paid, and then announced the entire thing was on hold until they'd figured out what was going on.
I think it's possible COR threatened to sue DTCC simply because it, too, didn't know exactly what had happened at first. Maybe it just didn't occur to them to check CUSIPs.
And I wouldn't necessarily say 'curtains for COR', as COR has had less expensive recourse the entire time to recoup most if not all of the $4 million via other avenues. Which again called into question why pursue the case in the first place.
I agree, and the judge pointed that out. COR is still free to keep that money, at least if its arbitration hearings go in its favor.
As for why they continued to pursue the case, I don't have an answer for that. It seems to me a big waste of time and money. But they kept on trying different strategies, so when the judge blocked on, they just moved on to another. It seems to me they're now out of options.
Except, of course, to appeal this ruling. I don't think they'll do that, but they've done crazy stuff before.
Thanks again for keeping us up to date on the action as it took place...
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