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FIRST UNION NATIONAL BANK v. A.G. EDWARDS & SONS, INC.

262 A.D.2d 106 (1999)

691 N.Y.S.2d 491

FIRST UNION NATIONAL BANK, as Successor by Merger to SIGNET BANK, N. A., and SIGNET LEASING & FINANCIAL CORPORATION, et al., Appellants, v. A.G. EDWARDS & SONS, INC., et al., Respondents.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided June 10, 1999.

Plaintiff banks were allegedly defrauded of some $354 million by entities not named as defendants in this lawsuit. Subsequent to the fraud, those entities are said to have invested the fraudulently obtained funds through defendant brokers. In this action, plaintiffs seek to recover the funds of which they were defrauded from defendant brokers upon the theory that although defendants did not have actual knowledge that the funds...

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