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Regatos v. North Fork Bank

Bank cannot give a customer less than a year to object to allegedly unauthorized funds transfer.

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Judge Scheindlin

REGATOS v. NORTH FORK BANK — Tomaz Mendes Regatos, a citizen of Brazil, is suing the Commercial Bank of New York1 and North Fork Bank as its successor-in-interest2 (collectively, “CBNY” or the “Bank”), seeking reimbursement in the amount of $600,000 for two allegedly unauthorized wire transfers out of his account. The Bank now moves for summary judgment under Federal Rule of Civil Procedure 56, claiming that Regatos is estopped from seeking reimbursement because he failed to comply with the notice provision of an agreement between the parties. This case presents an important question of first impression: whether the one year period to object to an erroneous funds transfer provided for in Article 4A of the Uniform Commercial Code may be shortened by agreement.

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