Letters,
Banking
Sep. 21, 2011
Fiduciary breach for lenders is alive and well
A reader responds to "Reality check: A bank's liability is not that simple."
A. Barry Cappello
Managing Partner, Cappello & Noel LLP
litigation
Phone: (805) 564-2444
Email: abc@cappellonoel.com
UCLA SOL; Los Angeles CA
Cappello & Noël LLP is one of four law firms acting as lead counsel representing class members in the Plains All American Pipeline Santa Barbara oil spill litigation. Mr. Cappello is lead trial counsel.
This letter responds to "Reality check: A bank's liability is not that simple," by Jill Switzer (Sept. 1). In cautioning the reader not to assume that bank liability for depositor claims is "a snap," Switzer states that "[t]he only situation in which a bank is a fiduciary is when the bank acts as a fiduciary, e.g., its trust department. In all other situations, the relationship between a bank and its depositor is simply one of debtor-creditor, founded on a contract - the deposit agr...
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