Richardson v. Bank of New York Mellon CA2/6

FACTS AND PROCEDURAL HISTORY

Prior Litigation over the Mid-State Shares On July 21, 2003, William J. Vetter, Jr., filed a complaint against Benning and Christopher Richardson, Mid-State Bancshares (Mid-State), Mellon Investor Services (MIS), and George Manus, alleging causes of action for conversion, elder abuse, and breach of fiduciary duty. As alleged in the complaint, Benning Richardson worked for Vetter as a consultant helping Vetter to obtain a permit for a recycling business. Richardson had a limited power of attorney to act on Vetter's behalf in the permitting process.1 By altering the power-of-attorney agreement, Richardson transferred 17,436 shares of Mid-State stock from Vetter to himself or other defendants. These shares represented Vetter's life savings and were unconnected with Richardson's consulting duties. Vetter sought to recover the shares' value. The next day, the trial court issued a temporary restraining order (TRO) enjoining the defendants in the prior case from "[s]elling, transferring, conveying, assigning, issuing dividends, or otherwise dealing with stocks or other securities in Mid- State Bancshares held in the name of or for the…