Whitaker v. Wedbush Securities, Inc.

Illinois Supreme Court
Civil Court
Uniform Commercial Code
Citation
Case Number: 
2020 IL 124792
Decision Date: 
Thursday, March 19, 2020
District: 
1st Dist.
Division/County: 
Cook Co.
Holding: 
Appellate court and circuit court reversed and remanded.
Justice: 
KILBRIDE

Plaintiffs opened commodity futures trading accounts which were transferred to different companies over time, and in 2014, 2 trading accounts were assigned to Defendant, a registered futures commission merchant and broker-dealer. Defendant si a financial institution which meets the definition of a bank in article 4A of Illinois UCC. Defendant processed 4 unauthorized wire transfers out of Plaintiffs' trading accounts over the course of less than 2 weeks.Defendant refused Plaintiffs' demand for return of transferred funds. Plaintiffs filed suit for fraudulent concealment and seeking refund of transferred funds under article 4A of UCC. (BURKE, GARMAN, KARMEIER, and THEIS, concurring.)