Tribeca Co. v. First American Title Ins.Annotate this Case
Tribeca sued after First American refunded a $1 million deposit to a real estate investor out of an escrow account that Tribeca had opened. Tribeca claimed it was entitled to the deposit and asserted claims for breach of contract, breach of fiduciary duty, fraud, and negligence. The trial judge and court of appeal ruled in favor of First American. The escrow instructions did not require that the funds, which had been deposited by a third party, be subject to Tribeca’s directions. First American’s expert witness testified that its conduct fell within the standard of care and that returning the money to the depositor was proper. The court credited the testimony of that expert above the testimony of the Tribeca expert.