Leo G. Wetherill v. Putnam Investments

MORRIS SHEPPARD ARNOLD, Circuit Judge.

Leo G. Wetherill and LGW Energy Resources, Inc., appeal from the district court’s 2 order granting the defendants’ motion for summary judgment and dismissing the complaint. For the reasons discussed below, we affirm.

I

In August, 1985, Mr. Wetherill (LGW’s president, vice-president, and sole shareholder) opened a corporate cash trust account for LGW with defendant Putnam Investments, Inc. Defendant State Street Bank and Trust Company contracted with Putnam to be the account’s custodian. Mr. Wetherill and LGW authorized State Street to redeem Putnam account…