Rediscovery of calculus in 1994: what should have happened to that paper?
Online publishing, at the face of it, should be giving editors some room for maneuver. In this case, they could append the online version of the paper with an editorial note like


  EDITORIAL NOTE: Citing this paper as "Tai's method" is strongly discouraged, as the method is actually known under the name of trapezoidal rule. See also Comments for further explanations.


The academic community affected by this rediscovery should have taken actions accordingly, and editors in other journals should have made sure that citations to the paper are only given if something other than the trapezoidal rule is being discussed. 

John Paul II apologized for a number of misdoings by the Catholic Church. The editors should've apologized to their research community for committing this peer review failure. It's OK to be wrong from time to time; science moves by rectifying things that come into contradiction with other bits of knowledge. However it's not OK to withhold knowing that you are wrong and insisting on it.