Transcontinental Holding LTD, f/k/a Transcontinental Indemnity, LTD., Appellant, v. First Banks, Inc., Respondent.

State: Missouri

Court: Eighth Circuit Court of Appeals Clerk

Docket No: ED91469

Case Date: 09/01/2009

Plaintiff: Transcontinental Holding LTD, f/k/a Transcontinental Indemnity, LTD., Appellant,

Defendant: First Banks, Inc., Respondent.

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In the Missouri Court of Appeals
Eastern District

DIVISION TWO

TRANSCONTINENTAL HOLDING ) No. ED91469
LTD, f/k/a Transcontinental Indemnity,  )
Ltd.,      ) Appeal from the Circuit Court
      ) of St. Louis County
Plaintiff/Appellant,  )
      ) Honorable Maura B. McShane
vs.      )
      )
FIRST BANKS, INC.,   )
      )
  Defendant/Respondent. ) Filed:  September 1, 2009

Today we tell the tale, admittedly a long tale, of a bank ensnared in a dispute between two businessmen, Ron Scharf and Alexander Kogan.  Scharf and Kogan, each operating through various business entities, engaged in a complex series of transactions.  Over the course of these, Scharf loaned large sums of money to Kogan.  In time, Scharf, who believed he was owed millions, learned that Kogan had money on deposit at First Bank.  Scharf succeeded in having the bank transfer money from an account controlled by Kogan, to a new account, over which Scharf had sole control.  From this new account, Scharf then persuaded the bank to issue a cashier

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