Dewey Pegno & Kramarsky llp

Master Account Suit Of 'Narrow Bank' Isn't Ripe: NY Fed "The Federal Reserve Bank of New York on Tuesday previewed its anticipated bid to escape a lawsuit from a new “narrow bank” that alleges it’s been unfairly blocked from receiving a Fed master account, telling a Manhattan federal judge that the case is premature because the bank’s application is still under review. The Connecticut-based TNB USA Inc. — as in “the narrow bank” — filed a lawsuit at the end of August seekin

When named plaintiffs and defendants in a class action agree to a settlement, they must obtain the court’s preliminary approval of the proposed class action settlement. Thereafter, class members are notified of the proposed settlement and given an opportunity to file objections, which the court will consider before determining whether finally to approve the proposed settlement. The Second Circuit has stated that class members who object to a proposed settlement serve an impor