Calif. Panel Reverses Chase's Win In Fraudulent Checks Suit

Law360 (June 10, 2021, 7:22 PM EDT) -- A California appeals court has reversed JPMorgan Chase Bank's win in a suit brought against it by a towing company over a former employee's purported embezzlement, saying the bank did not establish the former worker fraudulently endorsed stolen checks he deposited into his own account.

The panel on Wednesday reversed a lower court's judgment in favor of Chase, siding with Severin Mobile Towing Inc. in finding the bank didn't show that former employee Guillermo Oseguera signed checks made out to the company in a manner "purporting to be that of the employer," as required under California Uniform Commercial Code section 3405....

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