Prestige Imports, Inc. v. South Weymouth Savings Bank

Prestige Imports, Inc. (Prestige), had a banting relationship with South Shore Bank (SSB). Using Prestige’s *774funds, Wajahat Malick, Prestige’s comptroller, fraudulently procured treasurer’s checks from SSB and used them to pay personal loans he had obtained from South Weymouth Savings Bank (South Weymouth). After the fraud was discovered and related litigation began, Prestige and Helmut and Renate Schmidt2 (collectively, Prestige) impleaded South Weymouth and asserted claims for mishandling the SSB checks. Ultimately, a judge of the Superior Court granted South Weymouth’s motion for summary…