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Banks now own depositors money????

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  • Legalbear
    Please review this and see if Randy knows what he is talking about. J From: Randy Garriss [mailto:rgarriss@centurytel.net] Sent: Monday, March 25, 2013 1:17 PM
    Message 1 of 1 , Mar 25 3:45 PM
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      Please review this and see if Randy knows what he is talking about. J

       

      From: Randy Garriss [mailto:rgarriss@...]
      Sent: Monday, March 25, 2013 1:17 PM
      To: Legalbear
      Subject: Banks now own depositors money????

       

      I haven't had a chance to read the decision for myself but supposedly according to this decision, banks are effectively turning all depositors into shareholders in the institutions where they deposit their money.
      According to a federal appeals court ruling, Thursday, Bank of New York Mellon’s secured loan will be put ahead of customer segregated accounts held by Sentinel—a landmark ruling that turns individual segregated accounts into the property of a third party under circumstances of duress. In other words, if a financial institution fails, clients, depositors and pension funds may not get some or all of their money back in a bankruptcy.

      http://dl.dropbox.com/u/32961642/SentinelRuling.pdf

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