Powers v. American Express Financial Advisors, Inc.

Powers (plaintiff) and D'Ambrosia held a joint investment account with American Express (defendant) requiring both signatures for redemptions over $50,000; after both jointly authorized unfreezing the account in a September 1997 letter, D'Ambrosia alone faxed instructions in October 1997 directing American Express to transfer all the funds to a joint bank account, which American Express did, after which D'Ambrosia withdrew the money and disappeared. Powers sued American Express under Maryland's UCC provisions governing securities intermediaries, and the district court granted her summary judgment for the full transferred amount plus prejudgment interest, which American Express appealed.