NHL Business Blog: New Jersey Devils Refuse to Payback Mistaken Money Transfer from Societe Generale

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There is a very odd situation developing in New Jersey, where a major French investment bank Societe Generale, is suing the New Jersey Devils for about $500 000 after "it mistakenly transferred in $125,635.13 (all figures U.S.) to the NHL club on Sept.6, 2006, according to court documents. " Apparently the Devils are refusing to give the money back! The bank alleges that they won't pay them back out of "spite, or ill will." New Jersey Devils owner Jeff Vanderbeek apparently will not even return their phone calls. Sports Industry experts apparently believe the only reason the Devils are really being sued is because Societe Generale is exiting the sports industry. If you can remember Societe Generale was recently supposed to give prospective Tampa Bay Lightning owner Oren Koules a $110 million loan to buy the team, but ended up backing out at the last second.

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