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Stoutt v. Banco Popular de Puerto Rico

320 F.3d 26 (2003)

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Stoutt v. Banco Popular de Puerto Rico

United States Court of Appeals for the First Circuit
320 F.3d 26 (2003)

Facts

Palmer Stoutt (plaintiff) engaged in a financial transaction that his bank, the Banco Popular de Puerto Rico (bank) (defendant) allegedly suggested. The transaction involved Stoutt presenting a check that he knew was drawn on an account with insufficient funds. The transaction left Stoutt with a $300,000 overdraft on his account with the bank. The bank filed a Report of Apparent Crime with the Federal Bureau of Investigation (FBI), which arrested Stoutt for money laundering and check kiting, but prosecutors eventually dismissed the charges. Stoutt then sued the bank. The bank pleaded the Annunzio-Wylie Anti-Money Laundering Act’s safe-harbor provision as an affirmative defense. The district court granted summary judgment to the bank. Stoutt appealed, arguing that (1) even if the bank’s initial report to the FBI was immunized by the act, the bank’s follow-up discussions with the FBI were outside the act’s safe harbor and (2) the bank was not entitled to the act’s safe harbor because it did not have a good-faith belief that Stoutt committed a crime in light of the fact that the bank itself allegedly suggested the transaction. Stoutt further contended that the bank’s government disclosures were malicious.

Rule of Law

Issue

Holding and Reasoning (Boudin, C.J.)

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