Banks can be sued over allegations that they aided and abetted fraud, the Pennsylvania Supreme Court has determined in a ruling that formally adopts the cause of action and outlines what it takes for litigants to succeed on the claim.
Diving into an issue of first impression, the court ruled unanimously Thursday in Marion v. Bryn Mawr Trust that the defendant bank, Bryn Mawr Trust Co., could be subject to a civil aiding and abetting claim being brought by the receiver of the assets of a convicted Ponzi schemer. The ruling affirmed a decision from the state Superior Court, which had recognized the claim, despite a lower court’s initial dismissal of the claim.
