I Wish I Could Be Punished Like That

May 12, 2015 at 9:40 am Leave a comment

Nothing to do with credit unions but yesterday Tom Brady was suspended four games for having his footballs deflated prior to the AFC championship game.

Let me get this straight: He won the game and won the Super Bowl.  His punishment is to spend four extra  weeks on the couch at home watching  the games with his super model wife  Gisele Bundchen rather than being scowled out by  Bill  Belichick as he  gets  attacked by a bunch of 300 pound defensive lineman with 4-4 speed out to cripple him? Sign me up.

Target Settlement Can Go Forward

Effectively saying his hands were tied, a federal judge in Minnesota refused to block a proposed settlement between Mastercard and Target from going forward.  Under the agreement  $19 million  is being set aside for  eligible banks and credit unions to  settle their claims for operational costs and fraud-related losses on MasterCard-branded cards affected by the data breach. Upon accepting the offer, each issuer will release MasterCard, Target and its acquiring banks from all claims related to the data breach.

The settlement takes effect  if  90% of eligible issuers opt into it by May 20th . A group representing smaller banks and credit unions argued that  the court should block the settlement because it does not adequately compensate smaller issuers or explain the consequences of the settlement.

“The agreement between Target and MasterCard is nothing more than an attempt by Target to avoid fully reimbursing financial institutions for losses they suffered due to one of the largest data breaches in U.S. history,” said an email from the banks’ co-lead counsels, Charles Zimmerman of Zimmerman Reed and Karl Cambronne of Chestnut Cambronne according to today’s American Banker. The attorneys have previously argued that the settlement is a “sweetheart” deal that provides issues with paltry settlements.

The judge was by no means unsympathetic to these concerns however he decided that  the banks’ “issues with the settlement are understandable, but they are also not susceptible of a legal remedy,”  according to the paper.

The institutions seeking to block the settlement were  Umpqua Bank, Mutual Bank, Village Bank, CSE Federal Credit Union, and First Federal Savings of Lorain.

Flanagan Takes The Helm

When a Speaker is chosen for the House of Parliament in  Great Britain  he  is ceremonially  dragged to his new seat.  After all, If the Monarch was displeased with parliament the first person attacked was the speaker.

Suffolk County Republican Chairman John Flanagan was chosen as the new head of the New York State Senate replacing Dean Skelos who was recently arrested  on corruption charges.

I got to know the Senator when I worked in the Assembly Minority and he was the Ranking Member of the  Ways & Means Committee. He was by no means dragged to this position but he faces some extremely tough challenges leading a conference were Republicans hold a one seat majority and public confidence  is shaken.

That being said,  he’s a great pick.   He has been either a close observer or intimately involved with the budget process for more than two decades, having served as the ranking member of the Assembly’s Ways & Means committee and as Chairman of the Senate’s Education Committee.   If you want to know how Albany works  then you have to know education.

As for our issues,  His district is populated  some of the state’s most successful credit unions and he approaches issues with an open mind. My guess is  that those of you who get to meet him will be impressed.

Entry filed under: General, Legal Watch. Tags: .

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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