ZENGEN, INC. v. COMERICA BANK

No. S142947.

59 Cal.Rptr.3d 240 (2007)

41 Cal.4th 239

158 P.3d 800

ZENGEN, INC., Plaintiff and Appellant, v. COMERICA BANK, Defendant and Respondent.

Supreme Court of California.

June 4, 2007.


Attorney(s) appearing for the Case

Burton V. MeCullough, for Plaintiff and Appellant.

Buchalter, Nemer, Fields & Younger, Buchalter Nemer, Michael L. Wachtell, Jeffrey S. Wruble, Robert S. Addison, Jr., Los Angeles; Greines, Martin, Stein & Richland and Marc J. Poster, Los Angeles, for Defendant and Respondent.

Leland Chan, San Francisco, for California Bankers Association as Amicus Curiae on behalf of Defendant and Respondent.

Sullivan & Cromwell, Bruce E. Clark, Christopher R. Edgar, Palo Alto, H. Rodin Cohen and Michael M. Wiseman for The Clearing House Association L.L.C., as Amicus Curiae on behalf of Defendant and Respondent.


CHIN, J.

It appears the chief financial officer of a company embezzled $4.6 million by directing four fraudulent funds transfers from the company's account to an account he controlled. He has disappeared with the money. The ultimate question in this litigation is who must bear the loss: the bank that honored the fraudulent payment orders or the company that employed the embezzler. We granted review to decide two questions...

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