Oki Semiconductor Co. v. Wells Fargo Bank, 298 F.3d 768 (9th Cir. 2002)

A gang of thieves stole $9 million worth of semiconductors from Oki Semiconductor Company and laundered the proceeds through a network of dummy corporations and sham bank accounts set up by Anne Tran, a Wells Fargo Bank branch teller. Oki sued Wells Fargo, alleging that it was vicariously liable for Tran’s malfeasance and that Tran had acted within the course and scope of her employment. Oki alleged violations of the RICO statute and common law negligence against Wells Fargo. The Ninth Circuit affirmed dismissal of Oki’s claims on the ground that Tran was not the proximate cause of Oki’s loss, that Wells Fargo was not vicariously liable for the acts of Tran’s co-conspirators and that Oki’s loss was not a reasonably foreseeable result of Wells Fargo’s alleged negligence.