When a bank, credit union, or other financial institution does something wrong, you cannot go to any “run of the mill” attorney to get a good answer on what to do to solve your problem. Bank liability is so broad that it involves, cash, checks, cashier or teller checks, letters of credit, deposits, international wire or funds transfers, lender and borrower rights, and in-depth understanding of exceptions to the exceptions, such as rights of a “holder in due course.”
A bank or financial institution pitted against a customer (individual or business) is often a battle between David and Goliath since financial institutions are closely guarded by an armada of lawyers and trained business or insurance personnel. Mr. Kar is a bank and payment systems master and has actively represented clients in business dealings and complex litigation through trial and appeal in California courts.
The Law Office of Joseph M. Kar, PC has managed and been lead counsel in several complicated Bank liability cases which often involve multi-party claims or multiple actions undertaken concurrently. Below are some representative cases and situations in which the firm has acted as counsel:
- Bank Misconduct, including, conversion of funds, improper deposit or endorsements, negligent check processing and clearing, and/or holder in due course defenses
- Bank Employee Thefts and Conspiracy or Aiding and Abetting Third-Party Identity Thefts
- International Banking Disputes and Funds Transfers
- Electronic Funds Transfer Act Violations and Transactions
- Lost Safety Deposit Boxes and Assets held by Financial Institution
- FINCEN Activities and Reporting, including, Suspicious Activity Report
- Office of Controller of Currency Regulations and Administrative Proceedings
- Financial Institution Lending and Borrowing Disputes and Promissory Notes
- Federal Depositary Insurance Corporation (FDIC) or National Credit Union Association (NCUA) Institutional Transactions and Misconduct, including Loss-Sharing Agreements, Finder Fee Liability, and Pre-litigation Resolution of Real Estate
- Forfeiture and Reclamation Proceedings and Actions
The firm has handled numerous cases involving all kinds of bank liability. Whether you need to know how it works and why you were charged so much or what happened when the bank lent you the money, the Law Office of Joseph M. Kar, PC offers aggressive, ethical, and formidable representation to clients facing bank or financial institution claim.
Nikolaychuk v. Wescom Credit Union,
L.A.S.C. Case No. BC 427 843.
Bank Misconduct and Identity Theft. A Credit Union was alleged to have wrongfully reversed credit on a deposit of $250,000 months after the deposit was made and after the midnight deadline rule. Mr. Kar also uncovered evidence incriminating a manager at the credit union and showing a history of money disappearing when this manager worked. Mr. Kar also skillfully got the credit union’s risk manager to admit to ordering several hundreds of thousands of dollars withdrawn out of the member’s account without permission after an identity thief stole $320,000 out of the member’s account. Results: Confidential High Six-Figure Settlement.
Vosogi v. Bank of America (Studio City Branch),
L.A.S.C. EC 038 603.
Bank Misconduct – Lost Safety Deposit Box. A bank customer holding an account at the Studio City branch of Bank of America for many years was told that the bank could no longer locate his safety deposit box and that all the records were lost. After several months of pre-litigation discussions with the customer, Mr. Kar was hired as trial counsel for Mr. Vosogi and commenced litigation. The bank at first denied that Mr. Vosogi ever had a safety deposit box. When evidence established that Mr. Vosogi had been paying for a safety deposit box for over 4 years, the bank agreed to a physical inspection of the vault and to attempt to open all the safety deposit boxes using the customer’s key. After a three or four hour search, the safety deposit box was found and its contents were withdrawn. Result: Case Settled and Attorney’s Fees and Costs Recovered.