Officials in Ithaca, New York, have placed a moratorium on permits for certain student parties, particularly those associated with Cornell University. This action follows an examination of the university’s handling of a 2024 assault allegation involving members of the Chi Phi fraternity. A criminal investigation has been reopened by the Tompkins County District Attorney, while a civil lawsuit has been filed by a former student. Cornell has retained former Justice Department official Sally Yates to conduct an independent review of its procedures for handling sexual misconduct complaints. Markets interpret these developments as increasing the likelihood of legal proceedings, with a resolution date estimated around February 2027.
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