Signer On Corporate Deposit Account Has No Standing To Sue Bank For Facilitating Third-Party Fraud

LexisNexis (April 26, 2017, 1:48 PM EDT) -- In a recent case from California, an individual plaintiff, Soroya Ahalchi, sued U.S. Bank for negligence and violation of the UCC for allegedly  mishandling a nonprofit business checking account opened in the name of "The Cyrus Society" (TCS).  The plaintiff was the president of the nonprofit corporation and opened the corporate account as the sole signer on the signature card. The plaintiff's complaint against the bank alleged that a third-party fraudster, Farzaneh Akhavi, perpetrated fraud and identity theft through the checking account, a car loan, and...
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