Banaitis v. Mitsubishi Bank, Ltd

In Banaitis v. Mitsubishi Bank, Ltd. 129 Ore. App. 371, 879 P.2d 1288 (1994), rev dismissed 321 Ore. 511, 900 P.2d 508 (1995), the plaintiff had worked as a vice-president of the Bank of California, which was acquired by defendant, Mitsubishi. Because Mitsubishi Group companies competed internationally with some of the bank's customers, those customers demanded, and received, assurances that their financial information would not be disclosed to Mitsubishi. A Mitsubishi manager subsequently requested that the plaintiff disclose information about one of the bank's customers who had requested assurances of confidentiality. When the plaintiff refused to disclose that information, he was ultimately forced to resign. The plaintiff sued the Bank of California for wrongful discharge and Mitsubishi for tortious interference with a contractual relationship. The jury awarded compensatory and punitive damages against both defendants, and we sustained that verdict. In reviewing the sufficiency of the wrongful discharge claim, the Court agreed with the plaintiff that his discharge implicated a societal obligation or public policy against a bank's disclosure of customers' confidential financial information. In particular, the Court reviewed "state and federal statutes that generally protect business information from discovery by or disclosure to the public or to government agencies": "The Federal Right to Financial Privacy Act of 1978, 12 USC 3401 et seq., prohibits, with certain exceptions, the disclosure of a customer's records by a financial institution to a government authority without the customer's consent. The Federal Freedom of Information Act, 5 USC 552, similarly exempts from disclosure by public agencies any 'commercial or financial information' that is privileged or confidential. 5 USC 552(b)(4)." "Various criminal statutes reflect a public interest in protecting the confidentiality of commercial financial records. ORS 165.095(1) provides that a person who 'misapplies' property entrusted to a financial institution commits a crime. Removal or disclosure of a bank's files or other property is a Class C felony. ORS 708.715." Banaitis, 129 Ore. App. at 378,