Israel Discount Bank Awarded $7M In Coin Collateral Suit

Law360, Wilmington (May 30, 2013, 11:04 PM EDT) -- A Delaware Chancery Court judge awarded Israel Discount Bank of New York nearly $7.1 million in damages Wednesday after finding that two depository companies released and sold rare coins and gold that the bank had placed in their care.

Vice Chancellor Donald F. Parsons Jr. ruled that First State Depository Co. and Certified Assets Management Inc. breached a bailment agreement under which the jointly owned companies were supposed to maintain IDB's deposits, which represented collateral the bank received for a loan.

First State and CAMI —...
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