2nd Circuit Upholds Dismissal Of Ponzi Case Against Bank Of America

NEW YORK - The Second Circuit U.S. Court of Appeals on Jan. 26 affirmed a federal judge's dismissal of a Ponzi scheme class action against Bank of America N.A., ruling that a bank's provision of its "usual services" does not rise to the level of substantial assistance and that an employer is not vicariously liable for acts committed by employees for personal motives unrelated to the furtherance of the employer's business (Weshnak, et al. v. Bank of America N.A., et al., No. 11-3107, 2nd Cir.; 2012 U.S. App. LEXIS 1588). Full story on lexis.com