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October 16, 2009
Frozen Bank Account Thawed by Judgment
OCTOBER 2009 - A judgment for $400,000 was secured in an unusual case involving a frozen bank account at Citibank. The savings account was opened in Florida by a foreign businessman who named a longtime friend as its beneficiary. The businessman was said to be estranged from his children because of litigation over his personal assets. Within one year, the businessman was found dead and a series of curious demands for the savings account ensued. The funds remained "frozen" and in the sole possession of Citibank for the next seven years. The friend's requests for payment were routinely denied because of supposed changes to the account and beneficiary before the businessman's death. Alvarez Garcia commenced suit and, after two additional years of litigation, successfully established the right of the friend and original beneficiary to the funds.
Posted by alvarezgarcia at October 16, 2009 12:58 PM
