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Aresty International Law Firm, P.C v. Citibank, N.A

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Before Boudin, Circuit Judge, Souter, Associate Justice, *fn1 and Thompson, Circuit Judge.

Aresty International Law Firm deposited a check for $197,750.00 from a Citibank*fn2 -held account into a Citizens Bank*fn3 -held account, received clearance to transfer the funds from Citizens soon after, and instructed Citizens to wire the funds from the account. Citizens did so, only to find later that the check had been fraudulent. Citizens sued Aresty and ended up with a judgment for a bit less than the amount of the check. Aresty now looks to hold Citibank liable for the lost funds because of its alleged failure to abide by certain provisions of federal and state law. Agreeing with the district judge that Aresty’s federal claim came too late and cannot benefit from equitable tolling, and that its state claim is preempted by federal law, we affirm the judge’s dismissal of the complaint.

Because this case comes to us on appeal from a dismissal under Rule 12(b)(6), we present the facts as alleged in the complaint.

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