Lee v. Bankers Trust

166 F.3d 540 (1999)

From our private database of 46,100+ case briefs, written and edited by humans—never with AI.

Lee v. Bankers Trust

United States Court of Appeals for the Second Circuit
166 F.3d 540 (1999)

Facts

Let Lee (plaintiff) was a managing director at the Bankers Trust Company (BT) (defendant). As of April 1994, Lee worked in BT’s Global Security Services practice in New Jersey. In March 1995, BT became concerned about transfers to BT’s reserve account from certain older customers’ accounts that had been unclaimed for a long time. Upon questioning by BT, Harvey Plante stated that Lee instructed Plante to make the transfers. Lee denied Plante’s claim. Per Lee, he told Plante to (1) transfer only certain account funds that were properly documented and that were not potentially escheatable to the government, (2) deep a detailed list of funds in the reserve account, and (3) clear all transfers with BT’s compliance department. After interviewing Lee, BT asked Lee to resign, which Lee did. BT did not publicly comment on Lee’s departure, but the press reported that Lee resigned amid misconduct allegations. Lee sued BT, alleging, among other things, that he was defamed by BT’s alleged filing of a suspicious-activity report (SAR) pursuant to the Annunzio-Wylie Act (A-W Act) with federal prosecutors. BT declined to confirm or deny that it filed a SAR regarding Lee but moved to dismiss Lee’s SAR-based claim for failure to state a claim on the ground that the A-W Act’s safe harbor shielded BT from civil liability regarding any SAR it may have filed. Lee responded that the safe harbor protected BT only if BT made the alleged SAR disclosures in good faith. The district court granted BT’s motion. Lee appealed.

Rule of Law

Issue

Holding and Reasoning (McLaughlin, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 745,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials
  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 745,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,100 briefs, keyed to 987 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 745,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,100 briefs - keyed to 987 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership