King v. Bank of New York Mellon Corp.

MEMORANDUM OPINION

ANTHONY J. TRENGA, District Judge.

Plaintiff Cecil D.B. King, Jr. and his siblings (“Plaintiffs”) seek payment with respect to five Certificates of Deposit (“CDs”) they obtained from their father’s estate. Each CD is dated July 27, 1976, in the face amount of $1,000,000, issued by the First National Bank of Chicago (“FNBC”), and made payable to “Bearer” (“Bearer CDs”). In July 1977, the CDs matured and the full amount of principal and interest due and payable under those CDs, just over $5.3 million, was paid on behalf of the issuer, FNBC, to Irving Trust Company (“ITC”). At…