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TRAVELERS INDEM. CO. v. STEDMAN

No. 93-3684.

925 F.Supp. 345 (1996)

The TRAVELERS INDEMNITY COMPANY, a/s/o American Lung Association, Plaintiff, v. Nancy STEDMAN and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Defendants.

United States District Court, E.D. Pennsylvania.

April 15, 1996.

Attorney(s) appearing for the Case

Elizabeth K. Ainslie, Philadelphia, PA, for Plaintiff.

William A. De Stefano, De Stefano & Warren, P.C., Philadelphia, PA, for Merrill Lynch, Pierce, Fenner & Smith Incorporated.

William J. Brennan, Virginia Hinrichs Mc Michael, Dilworth, Paxson, Kalish & Kauffman, Philadelphia, PA, Gerald E. Burns, III, Dilworth, Paxson, Kalish & Kauffman, Philadelphia, PA, for Main Line Federal Savings Bank Counter-Defendant.

MEMORANDUM

LOWELL A. REED, Jr., District Judge.

Plaintiff the Travelers Indemnity Company ("Travelers") brings this action as subrogee of the American Lung Association of Philadelphia and Montgomery Counties ("ALA") against defendants Nancy Stedman and Merrill Lynch, Pierce, Fenner and Smith Incorporated ("Merrill Lynch"). This action arises out of losses sustained by ALA because of forgeries committed by defendant Stedman with respect to checks drawn...

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