GOLDBERG v. BANK OF AMERICA, N.A.

No. 11-2989

846 F.3d 913 (2017)

Margaret Richek GOLDBERG, as Trustee under the Seymour Richek Revocable Trust, on behalf of a class, Plaintiff-Appellant, v. BANK OF AMERICA, N.A., and LaSalle Bank, N.A., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided January 23, 2017.


Attorney(s) appearing for the Case

J. Stephen Walker , Attorney, Law Offices of J. Stephen Walker, P.C., Terry Rose Saunders , Attorney, Saunders Law Firm, Chicago, IL, for Plaintiff-Appellant.

Mary J. Hackett , Attorney, McGuirewoods LLP, Pittsburgh, PA, for Defendant-Appellee.

Before Flaum, Easterbrook, and Hamilton, Circuit Judges.


LaSalle Bank offered custodial accounts that clients used to invest in securities. If an account had a cash balance at the end of a day, the cash would be invested in ("swept" into) a mutual fund from a list that the client chose. LaSalle Bank would sell the mutual fund shares automatically when the customer needed the money to make other investments...

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