The Bank of New York BONY sued the defendant insurance
The Bank of New York (BONY) sued the defendant insurance company, Fremont General Corporation, for intentional interference with contract and conversion. BONY sought to recover damages from the defendant's withdrawal of $14 million from BONY, which BONY alleged interfered with the New York Insurance Company's ability to pay claims of its policyholders. BONY had a valid contract with Fremont Indemnity, a compensation fund that was managed by the defendant. The defendant was aware of the contract between Fremont Indemnity and BONY. By transfer ring $14 million to another bank, the defendant breached the custodian agreement. The district court granted Fremont General's motion for summary judgment on both claims. BONY appealed the decision, arguing that it had met the evidentiary standards required to prove both claims. Do you agree with the district court? What additional information might alter your decision?
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