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juniperfig
Attorney General
- Joined
- Jan 4, 2025
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Motion
IN THE FEDERAL COURT OF THE COMMONWEALTH OF REDMONT
MOTION FOR EMERGENCY INJUNCTION
On May 13th, 2025, the former Chief Executive Officer of Discover Bank and Vanguard National Bank publicly announced their sale and divestiture to Volt. As part of the transaction, Volt has assumed all client deposits [P-001].
The Commonwealth respectfully moves this Court for emergency injunctive relief to prevent irreversible harm caused by the consolidation of these entities.
According to the Commercial Standards Act, monopolization includes:
“Any sort of deal wherein two or more businesses seek to merge into a single entity or owner-subsidiary relationship that controls a disproportionately large amount of market share in any particular market.”
The Commonwealth submits that Uffizi Holdings, through its control of Volt, Discover Bank, and Vanguard National Bank, is forming an unlawful monopoly. If the acquisition proceeds, the only remaining competitors in the banking sector would be Voyager Bank and Bank of Redmont / Dino Nuggie Bank (BOR/DNB).
Furthermore, it is arguable that BOR/DNB operate in a distinct segment of the market, offering only interest-free deposits and in-game ATMs. This distinction exacerbates the monopolistic risk, as Uffizi Holdings would become nearly the sole provider of interest-bearing commercial banking services, with only Voyager Bank remaining as a competitor.
Accordingly, the Commonwealth requests that the Court grant the following relief:
- An immediate injunction halting the sale of Discover Bank and Vanguard National Bank to Uffizi Holdings or Volt;
- A stay on all transfers of client balances from Discover Bank and Vanguard National Bank to Volt;
- An order reversing any structural or financial changes already enacted as part of the merger.
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