Vale v. Union Bank

Opinion

BRUNN, J. *

Union Bank (hereafter bank) appeals from a judgment awarding plaintiffs $7,779 damages for breach of contract. Plaintiffs cross-appeal from the judgment insofar as it fails to award them exemplary damages. On the bank’s appeal, we affirm. On the cross-appeal we reverse and remand.

I

The Bank’s Appeal

The plaintiff law firm is a professional corporation. Early in 1973 it entered into a written trust agreement with the bank to set up a pension and profit-sharing plan for the firm’s employees. Under the agreement, the bank became trustee and the firm’s board of directors appointed…