Mennen v. J. P. Morgan & Co.

OPINION OF THE COURT

Pine, J. P.

Plaintiffs appeal from a judgment of Supreme Court, Erie County, that granted summary judgment to Morgan Guaranty Trust Company of New York (Morgan Guaranty) on five counterclaims to recoup overpayments on standby letters of credit of which plaintiffs were the beneficiaries. Morgan Guaranty cross-appeals to the extent that the court granted plaintiffs’ cross motion for summary judgment dismissing the bank’s sixth counterclaim, which alleged fraud. The court determined that the payments made, which were the maximum amounts available under each letter of credit,…