Central Bank reports that judge directs Genesis Financial Services to issue a retraction.SOMERVILLE, Mass.--(BUSINESS WIRE)--Sept. 24, 1996--Central Bank Central Bank The entity responsible for overseeing the monetary system for a nation (or group of nations). Central banks have a wide range of responsibilities - from overseeing monetary policy to implementing specific goals such as currency stability, low inflation and full employment. (NASDQ:CEBK) reported that at a conference this afternoon with the judge in charge of the lawsuit between Central Bank and Genesis gen·e·ses (-s Financial Partners L.P., in Cambridge, Mass., Superior Court Judge Hiller Zobel directed Genesis to immediately issue a retraction retraction n. 1) to withdraw any legal document in a lawsuit or other legal proceeding, or withdraw a promise or offer of contract. 2) in defamation, particularly libel, the correction of any untruth published in a newspaper or magazine or broadcast on radio or television usually upon the demand of the person about whom the damaging false statement was made. correcting the record.  z ) The coming into being of something; the origin. It was revealed that Genesis and Mr. Gordon of Genesis had faxed a statement to a wire service/newsletter and others which was widely disseminated today falsely stating that Central Bank's claims against Genesis had been dismissed and that Genesis had won a "significant victory." In fact, Genesis' counsel, Bingham Dana & Gould, did not even authorize the story, and Genesis' counsel was unaware that Genesis had made the false statement and used its counsel's name in Genesis' statement to make it appear factual. Judge Zobel directed an immediate retraction. Central Bank provided Genesis with the following text of a retraction: Public Retraction At the direction of Judge Hiller Zobel of the Massachusetts Superior Court, Genesis stated that its September 23/24 public statements to SNL Securities and others about the Central Bank lawsuit were retracted because those statements are wrong. Genesis further stated that the court action with Central Bank has not been dismissed. No judgement has been entered on Central Bank's counterclaims, and Bingham Dana & Gould did not authorize the statement previously made by Genesis which was erroneous. Central Bank's President, John Doherty, added, "Genesis' statement was false and was an irresponsible misuse of the court's process. We were appalled, and it is telling that Central Bank's court case against Genesis will show a pattern of Genesis' irresponsible misuse of various bank's confidential information. Genesis' false statement today is in character for it." Central Bank is a Massachusetts chartered co-operative bank operating 8 full service offices in suburban Boston. CONTACT: Central Bank William P. Morrissey, 617/628-4000 |
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