Koss Corp. v. Park Bank

The Supreme Court affirmed the court of appeals’ decision affirming the circuit court’s dismissal of Koss Corporation’s claim that Park Bank acted in bad faith in processing transactions initiated by Sujata Sachdeva and affirmed the dismissal of Park Bank’s third-party claims, holding that Park Bank was not liable to Koss Corporation.The circuit court granted summary judgment in favor of Park Bank on Koss Corporation’ Uniform Fiduciaries Act (UFA) claim. The court of appeals affirmed. The Supreme Court affirmed, holding (1) Wis. Stat. 112.01(1)(c) describes the term “good faith” as honest bank acts, even when negligently done, and “bad faith” pursuant to section 112.01(9), an intentional tort, may be shown by acts evidencing bank dishonesty; and (2) Koss Corporation failed to offer evidence of bank dishonesty on the part of Park Bank, and therefore, Park Bank was not liable for the intentional tort of bad faith. View "Koss Corp. v. Park Bank" on Justia Law