RICO claims were premised on the alleged mismanagement of a trust by the defendant bank. The predicate acts of mail fraud were two letters written by the bank’s attorneys stating that the bank was applying some of the trust’s assets to pay the fees it had incurred in litigation over the trust. The Court, in dismissing the complaint, ruled that this correspondence could not, as a matter of law, constitute mail fraud
How later courts described this case
- RICO claims were premised on the alleged mismanagement of a trust by the defendant bank. The predicate acts of mail fraud were two letters written by the bank’s attorneys stating that the bank was applying some of the trust’s assets to pay the fees it had incurred in litigation over the trust. The Court, in dismissing the complaint, ruled that this correspondence could not, as a matter of law, constitute mail fraud
- shareholder plaintiffs could not maintain RICO action because action belonged to corporation: ”[a]ny decrease in value of plaintiffs’ shares merely reflects the decrease in value of the firm as a result of the alleged illegal conduct”
- it is within the discretion of the trial judge to deny class certification “three and a half years after commencement of lawsuit, after a full trial, and after two extensive rounds of hearings before a magistrate”
- to the extent that the second suit alleges facts occurring after the filing of the first suit, the second suit is not barred by res judicata
Written by the judges who cited it.
The opinion
This record has no opinion text. It is a disposition such as a denial of certiorari, kept so the case can be found by name and citation.