The lads over at Cityfile have uncovered a lawsuit filed by Citigroup on a matter so important they had to hire a hiigh powered Skadden Arps litigator.
Last week, the banking giant filed suit against All Citi Pawn on Neptune Avenue in Brooklyn for ripping off the bank’s name and logo. In court papers, Skadden Arps’ Ken Plevan, argued that the pawn shop is “tarnishing the extraordinary reputation of Citi,” which he (rather generously) described as “one of the largest and most renowned banking and financial services institutions in the world.” The bank is now suing All Citi for trademark infringement, dilution, false designation of origin, and unfair competition. But can a business that is profitable (which we’re guessing the pawn shop is) really “dilute the value” of Citigroup when it’s the bank—and not the pawn shop—that has reported record losses and had to rely on a government bailout to stay afloat?
We suspect jealousy is involved here. The pawnshop actually has acquired assets of real marketable value, while Citi spent years buying junk that no one except Sheila Bair wants to buy. That’s got to make Citi look terrible.