Legal Opinion
Prudential-Bache Securities, Inc. v. Citibank, N. A.
New York Court of Appeals
Decided February 23, 1989PublishedCited by 99 opinions
1Opinion of the Court
OPINION OF THE COURT
Kaye, J.
For more than two years, a massive fraud went undetected within Prudential-Bache, involving the issuance of firm checks that were regular on their face but improperly made payable to fictitious customers actually under the control of a Prudential-Bache employee. This case is an attempt by Prudential-Bache to recoup a portion of its losses from defendant, Citibank, one of the banks through which the employee laundered the proceeds of those checks. On Citibank’s motion to dismiss the complaint, we conclude that no cause of action has been stated for conversion or…
2Cases cited22 opinions
- Rovello v. Orofino Realty Co.New York Court of Appeals · 1976
- Riviello v. WaldronNew York Court of Appeals · 1979
- CPC International Inc. v. McKessonNew York Court of Appeals · 1987
- Marine Midland Bank v. John E. Russo Produce Co.New York Court of Appeals · 1980
- Center v. Hampton Affiliates, Inc.New York Court of Appeals · 1985
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3Cited by99 opinions
- Lerner v. Fleet Bank, N.A.Court of Appeals for the Second Circuit · 2006
- Wight v. BankAmerica Corp.Court of Appeals for the Second Circuit · 2000
- American International Group, Inc. v. GreenbergCourt of Chancery of Delaware · 2009
- Global Minerals & Metals Corp. v. HolmeAppellate Division of the Supreme Court of the State of New York · 2006
- Owusu v. New York State InsuranceDistrict Court, S.D. New York · 2009
94 more not listed; retrieve them via the Exa API.