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NICKEL v. BANK OF AMERICA NAT. TRUST AND SAV.

No. 01-15452.

290 F.3d 1134 (2002)

Carol F. NICKEL, on behalf of herself and all others similarly situated, Plaintiff-Appellant, v. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION; BankAmerica Corporation; Bruce Norman; Andrew Schwartz; James Bessolo; Michael Halloran, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed May 17, 2002.

As Amended on Denial of Rehearing June 19, 2002.

Attorney(s) appearing for the Case

Jerome B. Falk, Jr., Therese M. Stewart, Noah B. Novogrodsky, Howard, Rice, Nemerovski, Canady, Falk & Rabkin, San Francisco, CA; Gilmur R. Murray, Derek

G. Howard, Marray & Howard, L.L.P., Oakland, CA; Robert Mills, The Mills Firm, San Rafael, CA, for the plaintiff-appellant.

Janice M. Fetsch, Associate General Counsel, Bank of America, Robert A. Rosenfeld, Matthew L Larrabee, David B. Goodwin, Kenneth L. Chernoff, Heller Ehrman White & McAuliffe, LLP, San Francisco, CA, for the defendants-appellees.

Before: REINHARDT, NOONAN and FERNANDEZ, Circuit Judges.

OPINION

NOONAN, Circuit Judge.

This appeal presents a single issue: the appropriate remedy under California law for breach of trust by a professional trustee, a profit-making bank. Holding that the appropriate remedy is a proportionate share of the profits the bank made with the misappropriated trust funds, we reverse the judgment of the district court.

FACTS

Security Pacific National Bank (SP) was the trustee for 2,500 or more trusts ...

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