Grace P. Irwin v. Commerce Bancshares v. Central Bank of Kansas City

Wrongful stock transfer - Plaintiff, Grace Privitera Irwin, and her brother, Anthony Privitera, held stock of Commerce Bancshares in joint names. In 1994 Anthony endorsed a transfer of the stock to his borther, Carl Privitera. Central Bank guaranteed Anthony's signature on the stock certificates. Thereafter, Grace's signature was added to the certificates by forgery, making it appear that Central Bank had guaranteed both signatures. Commerce Bank subsequently added a Medallion guaranty of both signatures. The stock was then registered in Carl's name. Grace did not learn of the transfer until after Anthony's death in 1997. Plainiff alleged that Commerce Bancshares was statutorily liable for registering the transfer on a forged endorsement. Commerce Bancshares alleged in its third part claim that Central Bank negligently allowed the forgery to occur.

Plaintiff claimed the value of the stock plus dividends, prejudgment interest, attorney's fees and punitive damages. ($36,208.13 stock value and dividends, $8,553.02 prejudgment interest and $47,184.30 in attorney's fees and expenses.)

Plaintiff's verdict for $36,208.13 plus $8,553.02 prejudgment interest against Commerce Bancshares. Central Bank found 65% at fault, Commerce Bancshares found 35% at fault on the third-party petition.

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Plaintiff's demand before trial was for $100,000. Commerce Bancshares and Central Bank offered $7,500 each.

Immediately after the verdict, the Court reduced the damages awarded by 50% to $22,380.58. The Court then awarded $19,607.50 in attorney's fees and costs. (Central Bank to pay $27,291.87 and Commerce Bancshares to pay $14,696.20). Plaintiff's punitive damage claim was dismissed by the Court before the trial began.

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