Fong v. East West Bank

Fong, born in China in 1931, moved to San Francisco as a young man and became a real estate investor. Fong had a banking relationship with the Bank, where he had more than $3.5 million dollars on deposit. Loans involving the Bank, Fong, and UTGI, a California corporation formed by young investors who were family friends of Fong, whom Fong was assisting in establishing a real estate investment business, were not timely paid. The Bank liquidated assets Fong had pledged as collateral. In a suit claiming conversion and financial abuse of an elder under Welfare and Institutions Code section 15610.30, Fong alleged that he did not understand certain documents and that documents were forged. The trial court granted the Bank summary judgment and determined that as the “prevailing party” the Bank was “entitled to its reasonable attorneys’ fees and costs,” of $202,069.75 and $6,290.05. The court of appeal reversed finding a triable issue of material fact regarding the genuineness of Fong’s signature on the documents authorizing repayment of a loan with respect to one of Fong’s conversion claims. View "Fong v. East West Bank" on Justia Law