LAMM v. STATE STREET BANK AND TRUST

No. 12-15061.

749 F.3d 938 (2014)

Douglas LAMM, Individually and on behalf of Douglas Lamm IRA, Plaintiff-Appellant, v. STATE STREET BANK AND TRUST, Defendant-Appellee.

United States Court of Appeals, Eleventh Circuit.

April 14, 2014.


Attorney(s) appearing for the Case

Curtis David Carlson , Carlson & Lewittes, Miami, FL, for Plaintiff-Appellant.

Andrea J. Robinson , Miranda Hooker , Eric D. Wolkoff , Boston, MA, Patrick Glenn Dempsey , Stanley Howard Wakshlag , Miami, FL, for Defendant-Appellee.

Before MARTIN and JORDAN, Circuit Judges, and BAYLSON, District Judge.


JORDAN, Circuit Judge:

This appeal mainly concerns what duties a custodian bank has under New York and Florida law to protect a customer from fraudulent transactions carried out by the customer's investment advisor. We hold that, under the facts alleged here, the custodian bank breached no duty, contractual or otherwise, by accepting on behalf of its customer securities that later turned out to be fraudulent and listing those securities on monthly account statements...

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