Central Bank announces plans to pursue claims against Genesis.SOMERVILLE, Mass.--(BUSINESS WIRE)--Sept. 24, 1996--Central Bank announced today that it is vigorously pursuing its claims against Genesis for misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of confidential information Noun 1. confidential information - an indication of potential opportunity; "he got a tip on the stock market"; "a good lead for a job" steer, tip, wind, hint, lead and that Genesis' public statements concerning the status of suit are merely more false and misleading actions by Genesis. In fact, the Superior Court afforded Genesis ample opportunity to accept settlement terms offered it by Central Bank and the court's order of Sept. 23 expressly permits Central Bank to pursue its claims against Genesis, now without further delay. Genesis had its chance to avoid trial and has missed it. Central Bank has developed claims of a pattern of misappropriation of confidential information by Genesis at First Keystone Financial, Abington Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. and Central Bank itself. Those will be the subject of further proceedings. John Doherty John Doherty is the name of:
tr.v. mis·in·formed, mis·in·form·ing, mis·in·forms To provide with incorrect information. mis from Genesis. CONTACT: Central Bank William P. Morrissey, 617/628-4000 |
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