Suzmar, LLC v. First National Bank of South Miami
LLCs whose accounts were pledged as collateral and later swept to cover a defaulted $5.5 million loan to their manager sued the lender for negligence (improvident lending and failure to follow Bank Secrecy Act 'know-your-customer' rules) and unjust enrichment. The Third District affirmed dismissal, holding that absent a fiduciary relationship a bank owes no duty to avoid negligent lending, that the BSA/KYC rules create no privately enforceable duty to bank customers, and that unjust enrichment fails where adequate consideration was given for the benefit conferred, even if paid to someone other than the party conferring it.
Key facts
- LLCs whose accounts were pledged as collateral sued their lender, First National Bank of South Miami, after the bank swept the accounts to cover a $5.5 million defaulted loan made to the LLCs' manager.
- The LLCs asserted claims for negligence based on improvident lending and failure to follow federal Bank Secrecy Act 'know-your-customer' requirements, and for unjust enrichment.
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Why it matters
This is the Third District's clearest statement that Bank Secrecy Act/KYC compliance failures cannot supply the duty element of a Florida negligence claim, a theory increasingly asserted against banks in fraud and… — full analysis with a trial
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