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Banking Law Keyed to Malloy, 4th Ed.
L & J Crew Station, LLC v. Banco Popular de Puerto Rico
Citation:
278 F. Supp. 2d 547 (2003)Facts
L & J opened accounts with Banco Popular in June and July 2002 without disclosing it was in the money transmitting business. By August 2002, Banco Popular became concerned about the nature, volume, and amounts of transactions in L & J’s accounts. After investigating, Banco Popular discovered L & J had inadequate internal controls and anti-money laundering compliance programs. In September 2002, Banco Popular notified L & J of its decision to terminate banking services. Despite L & J’s requests for extensions, Banco Popular closed the accounts in December 2002.
In November 2002, L & J opened an account with FirstBank, again without disclosing its money transmitting business. When FirstBank discovered the nature of L & J’s business in December 2002, it expressed concerns about continuing the relationship. FirstBank ultimately closed L & J’s accounts in January 2003. L & J then sued both banks, alleging violations of the Clayton Act and Sherman Act, as well as claims of discrimination and unjust taking.
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