In a tort and civil RICO action against an investment company through which a third party funneled certain insurance companies’ funds before moving them to his Swiss bank account, summary judgment for defendant is affirmed in part where there was no evidence that defendant knew or ought to have known that the funds it processed on behalf of the third party’s firm were, in fact, fiduciary. However, the order is vacated in part where New York law did impose on defendant a duty – in this case running only to certain subaccounts – to ensure that the transactions it processed on behalf of its customers were authorized.
Read Chaney v. Dreyfus Serv. Corp., No. 08-60555
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Filed January 25, 2010
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