Bank of Stockton v. Verizon Communications, Inc.

MEMORANDUM **

The Bank of Stockton appeals the district court’s grant of summary judgment in favor of Verizon Communications, Inc. in this suit for damages from the alleged wrongful escheatment of the Bank’s Verizon stock under California’s Unclaimed Property Law, Cal.Civ.Proc. Code §§ 1300, et seq. We affirm. 1 The Bank received the proceeds of the State Controller’s sale of its Verizon shares pursuant to California Civil Procedure Code section 1540 and failed to show damages beyond the amount tendered to it.

The Bank’s proposed calculation of damages at the “highest market value” of the stock…