Quote:
Originally posted by Chris Mallick
But some of you may remember that on the way to last year?s Phoenix Forum, banks called IPSP?s and told us that the MC threshold was 1% and had been for a year or two. Before that, we all used 2.5%. So we were (as was everyone else) ?over?. We are now under and have been for a year straight. Prior to that year period we were over and under while changing year?s of risk management and scrubbing to meet that ridiculous threshold.
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Uh ... sorry Chris ... but page 27 of the lawsuit says the one percent threshold was implemented in March 2000.
Your lawsuit doesn't mention that your company was not informed about this in 2000. I assume that if you weren't informed, you would have mentioned it.
So, even if you had to make some scrubbing and management adjustments, that doesn't really explain the eight months of overages that started in August, 2001 --- a good year and a half later. It looks like you had plenty of time to meet that threshold. Yet, the overages continued for several months until May 2002.
According to your lawsuit (p.28), the only change in 2002 was that you could now be fined for a year's worth of penalties if you went over for two months. Seems a bit harsh but, considering you admit eight months of overages in the prior year ... maybe not too out of line in this case.
Sorry if I don't feel like jumping on the solidarity bandwagon. I'm just wondering what, exactly, have people have been getting for that 15 percent.