Contracts
Breach of Fiduciary Duty
Ponzi Scheme
Thomas H. Casey v. City National Bank
Published: Jan. 26, 2008 | Filing Date: Jan. 1, 1900 |Case number: 02CC06597 Verdict – $10,280,000
Court
Orange Superior
Attorneys
Plaintiff
Defendant
Facts
Bankruptcy trustee Thomas H. Casey alleged that three banks, including U.S. Bank should have figured out that the officers of a fraudulent investment company called DFJ Italia Ltd. which bilked 200 investors out of $45 million, were stealing money from the debtor's bank accounts. Casey's suit alleged that the banks aided and abetted DFJ officers in their breach of fiduciary duty to the debtor. The bank denied any knowledge or wrongdoing.
Result
Verdict for $10,280,000 plus interest. Wells Fargo and City National Bank settled the suit earlier for $2.5 million.
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