March 25, 2020 / 11:55 PM / 11 days ago

New York Fed defeats lawsuit by banking startup over account denial

The Federal Reserve Bank of New York on Wednesday won the dismissal of a lawsuit by a Connecticut banking startup that applied for access to its electronic payment services.

U.S. District Judge Andrew Carter in Manhattan said TNB USA Inc, whose chief executive Jamie McAndrews is a former New York Fed head of research, lacked standing to sue, and that its claim was unripe because the Fed had yet to rule on its application.

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