United States Fifth Circuit

In a suit brought by Citibank against defendant as the issuer of a Financial Institution Bond, claiming it should cover a loss Citibank sustained in a prior state court action filed against it by a depositor on a claim of unauthorized endorsement, summary judgment for plaintiff on a breach of contract claim is reversed where the district court erred in holding that: 1) defendant was collaterally estopped from contesting the state court's determination; and 2) the endorsements were "unauthorized" for purposes of the Bond.

Appellate Information

• Decided 03/31/2008
• Published 04/01/2008

Judges

• WIENER, Circuit Judge:1, Before WIENER, DeMOSS, and PRADO, Circuit Judges.

Court

• United States Fifth Circuit

Counsel

• For Appellant:
  
• Edward Graham Gallagher, Surety & Fid. Ass'n of America, Washington, DC, for Amicus Curiae, Surety & Fid. Ass'n of America.


• For Appellees:
  
• Stuart Mallory Reynolds, Jr. (argued), Winstead, PC, Dallas, TX, for Plaintiff-Appellee., Paul D. Schoonover (argued), Kleiman, Lawrence, Baskind, Fitzgerald, LLP, Dallas, TX, for Defendant-Appellant.