BNY Mellon Bank v. First Foundation Bank CA4/3
Bank of New York Mellon (Mellon) appeals from an order denying its anti-SLAPP motion to strike the first amended cross-complaint of First Foundation Bank (First Foundation). First Foundation sued Mellon after Mellon failed to transfer bonds it was holding as security for a line of credit for San Miguel Equities, LLC (San Miguel.) First Foundation allegedly wired Mellon $5.5 million to pay off the line of credit. Mellon took the $5.5 million, but did not transfer the bonds. It subsequently interpleaded them.
The trial court denied Mellon’s anti-SLAPP motion on the grounds that, first, Mellon had not shown that First Foundation’s claims arose from protected petitioning activity and, second, even if the activity was protected, First Foundation had established likelihood of succeeding on the merits. In denying Mellon’s request for discharge under the interpleader statute, the court had already ruled that Mellon was not a mere disinterested stakeholder.
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