Bank Not Liable For Aiding And Abetting, Absent "Actual Knowledge Of The Underlying Wrong"
To hold a bank liable for aiding and abetting a breach of duty by corporate officers, is it enough to allege generally that the bank knew the officers "were engaged in wrongful or illegal conduct"? No. According to the Fourth District Court of Appeal, a plaintiff must allege the bank had "actual knowledge of the specific breach of fiduciary duty for which it seeks to hold the defendant liable." Thomas H. Casey, as trustee, v. U.S. Bank National Association, et al., 05 C.D.O.S. 2615 (March 28, 2005).
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