On occasion a judicial decision is rendered that is favorable to the banking industry that is not certified for publication. Only published decisions can be cited as binding precedent. One such opinion is Shamgochian v. Bank of America, in which the court refused to hold banks to a higher level of duty to a customer who had unwisely wired funds to scam artists. While the Court of Appeal already denied the bank’s request for publication, there remains a chance that the Supreme Court may certify publication. 

If you have any questions, please contact Leland Chan at lchan@calbankers.com.