| First Citizens
Sued Patriot Bank Over Failing
Credit Card Program So May 20
Hearing
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE,
May 13 – Silicon Valley
Bank failed, but the fights
continue. In the U.S. District
Court for the Southern
District of New York, First
Citizens Bank which bought it
is suing Patriot Bank of
Connecticut over a program its
lawyers described as
"failing."
SDNY Judge Jed S.
Rakoff held a conference on
May 13; Inner City Press
covered it, the only person in
gallery.
Judge
Rakoff declined to grant First
Citizens the TRO it sought,
but did press Patriot Bank's
lawyers for a commitment not
to affirmative reach out to
customers pending a
Preliminary Injunction hearing
on May 20.
The Patriot
Bank lawyers, citing Reg Z,
said they would have to
respond to customers. First
Citizens' lawyers responded
that the back-up servicer
Carmel would also have to
communicate - in the normal
course only, of
course.
First
Citizens is gobbling up more
than a hundred BMO bank
branches.
If
there had been anyone else
in the gallery, they might
have muttered, No honor
among thieves. Watch
this site.
The case is First
Citizens Bank & Trust
Company v. Patriot Bank, N.A.,
1:26-cv-3810
(Rakoff)
***
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