Custodia Bank's lawsuit to secure a Federal Reserve master account survived a motion to dismiss, with a judge ruling that it stated a 'plausible claim' of interference by the Fed's Board of Governors. KReyofCoinDesk reports
The U.S. District Court of Wyoming, however, did reject Custodia's request that the Fed be compelled to grant it a so-called master account and membership with the Fed, Instead, Custodia must continue its claims via normal channels.tweeted
Even though the court declined to grant Wyoming-based Custodia's request, it said that it was only rejecting the request because there was another avenue Custodia could pursue, The district court also said that if the Kansas City Fed had been alone in denying Custodia its master license, Custodia's claim would fail. However, the court said Custodia's claim that the Fed Board of Governors had weighed in on the decision was plausible.
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