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Friday, August 28, 2015 3:38:32 AM
CRGP had no way of knowing where those shares came from, only that they were deposited in their brokerage account, along with the funds from the due bills. CRGP had no direct interaction with the seller of those shares (COR) as everything would have been handled by the final broker, which is their job as a broker.
COR's beef should be with the DTCC and they should have loudly contested the DTCC's action. CRGP clearly admitted that it was an error and they were working with the DTCC to straighten it out "over the next couple of days". COR got impatient, having raised the issue on the 25th and then suing CRGP on the 27th. If anyone has ever dealt with lawyers, you know nothing gets done in one day. COR's lawyers clearly had been preparing their case from the very start. COR had no intention of letting CRGP and the DTCC straighten it out.
I see this case coming out in CRGP's favor.
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