CASEY v. U.S. BANK NATIONAL ASS'N

No. G033023.

26 Cal.Rptr.3d 401 (2005)

127 Cal.App.4th 1138

Thomas H. CASEY, as Trustee in Bankruptcy, etc., Plaintiff and Appellant, v. U.S. BANK NATIONAL ASSOCIATION et al., Defendants and Respondents.

Court of Appeals of California, Fourth District, Division Three.

Rehearing Denied April 25, 2005.

Review Denied June 29, 2005.


Attorney(s) appearing for the Case

Rus, Miliband & Smith, Ronald Rus, Joel S. Miliband, Irvine, and M. Peter Crinella for Plaintiff and Appellant Thomas H. Casey, as Trustee in Bankruptcy.

Sheppard, Mullin, Richter & Hampton, Andrew J. Guilford and Paul F. Rafferty, Costa Mesa, for Defendant and Respondent Wells Fargo Bank, N.A.

Manatt, Phelps & Phillips, Donald R. Brown, Costa Mesa, Henry C. Wang and Ileana M. Hernandez, Los Angeles, for Defendant and Respondent U.S. Bank National Association.

Quinn Emanuel Urquhart Oliver & Hedges, Kenneth R. Chiate, Los Angeles, and Mary S. Thomas, Irvine, for Defendant and Respondent City National Bank.


OPINION

IKOLA, J.

A bankruptcy trustee sued several banks for aiding and abetting a fraudulent scheme to loot the debtor corporation, perpetrated by a number of its officers. The banks successfully demurred to the second amended complaint on the ground the trustee lacks standing to assert these claims under the so-called Wagoner rule because the officers' fraudulent conduct is imputed to the debtor (and thus the trustee). Based on this imputation...

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