Thursday, February 16, 2017

Bank of New York Mellon v. Citibank (Cal. Ct. App. - Feb. 16, 2017)

When I saw the caption of this case -- which I read before even booting up the opinion -- I thought the case was going to be a huge one.  Bank of New York Mellon.  Citibank.  Those are big banks.  When they fight each other, they presumably fight hard.  Over substantial (read:  high value) things.

But then I read the opinion.  It's a dinky little fight over the $500,000 refinancing of a loan, and which bank ends up holding the bag over what went wrong.

Really?!  Big banks like this can't just settle or otherwise resolve this dispute?

Guess not.

Anyway, Bank of New York Mellon wins for now.  Dismissal of its complaint reversed.

P.S. - The first words of the opinion read: "The Bank of New York Melon appeals . . . ."  It's actually Mellon, not Melon.  Thomas Mellon was a big-time banker, lawyer, and judge.  Melon is a fruit.