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Conder v. Union Planters Bank, N.A.
United States Court of Appeals for the Seventh Circuit
384 F.3d 397 (2004)
- Written by Sarah Holley, JD
Facts
Agnes Conder and the members of her class (plaintiffs) were the victims of a Ponzi scheme. Conder made out numerous checks to the Ponzi operator, “Johann M. Smith Escrow Agent.” The checks were not endorsed by Smith. Rather, the checks were endorsed by one of the numerous entities controlled by Smith, Lincoln Fidelity. Union Planters Bank (defendant) nevertheless accepted each of the checks for deposit in Lincoln Fidelity’s account. Conder brought suit against Union Planters Bank for conversion and negligence after the Ponzi scheme came to light. Conder’s complaint was dismissed for failure to state a claim, and Conder appealed.
Rule of Law
Issue
Holding and Reasoning (Posner, J.)
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