-
Recent Posts
- Virginia Court in Email ACH Funds Transfer Fraud Case Relies on NACHA Rules in Permitting Claims Against Bank
- Nevada Bench Trial Applies UCC in Allocating Loss Between Hacked Seller and Duped Buyer
- Salvatore Scanio’s Article on the NAIC Insurance Data Security Model Law Published by ABA’s Cybersecurity and Data Privacy Committee
- New York Court Rejects Cut Down of UCC Art. 4A’s 1-Year Notice Rule for Unauthorized Funds Transfers
- FinCEN Advisory Highlights Cybercriminals Exploiting COVID-19 Pandemic for Funds Transfer Fraud
Categories
Archives
- January 2021
- December 2020
- November 2020
- September 2020
- August 2020
- July 2020
- June 2020
- April 2020
- February 2020
- January 2020
- July 2019
- June 2019
- September 2018
- August 2018
- March 2018
- September 2017
- August 2017
- May 2017
- April 2017
- March 2016
- January 2016
- December 2015
- June 2015
- May 2015
- July 2014
- June 2014
- March 2014
Tag Archives: Bank Liability
New York Court Rejects Cut Down of UCC Art. 4A’s 1-Year Notice Rule for Unauthorized Funds Transfers
In a recent unpublished New York opinion, the court found a bank’s 60-day notice provision in its Account Terms and Conditions for reporting unauthorized funds transfers to be unenforceable. Cardino v. J.P. Morgan Chase Bank, N.A, 2020 N.Y. Misc. LEXIS … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, LITIGATION
Tagged Account Terms and Conditions, Bank Contract, Bank Liability, Bank Notice, Bank-Customer Agreement, Cybercrime, Cybersecurity, Funds Transfer Fraud, Notice Cut-Down, Salvatore Scanio, Statute of Repose, UCC Article 4A, Unauthorized Transfer, Uniform Commercial Code, Wire Transfer Fraud
Leave a comment
Illinois Supreme Court Holds a Non-bank Entity is a “Bank” Under UCC Art. 4A
The Illinois Supreme Court, applying the Uniform Commercial Code’s broad definition of a “bank,” held that a futures commission merchant was a “bank” for purposes of a fraudulent wire transfer under Article 4A. Whitaker v. Wedbush Securities, Inc., 2020 Ill. … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION
Tagged Account Takeover, Bank Liability, Cybercrime, Cybersecurity, Definition of Bank, Email Fraud, Funds Transfer Fraud, futures commission merchant, Robert Ludwig, Salvatore Scanio, UCC Article 4A, Uniform Commercial Code, Wire Transfer Fraud
Leave a comment
D.C. Law Firm Victim of Email Wire Fraud Fails to Sufficiently Plead Bank Aiding and Abetting
A recent email funds transfer fraud case illustrates a novel claim against a bank dismissed at the pleading stage. Beins, Axelrod, PC v. Analytics, LLC, 2020 U.S. Dist. LEXIS 71713 (D.D.C. Apr. 23, 2020). After a D.C. law firm, seeking its … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, INTERNATIONAL, LITIGATION
Tagged Aiding and Abetting Liability, Attorney’s Fees, Bank Liability, Business Email Compromise, Computer Fraud and Abuse Act, Cybercrime, Cybersecurity, Email Fraud, Funds Transfer Fraud, Robert Ludwig, Salvatore Scanio, UCC Article 4A, Uniform Commercial Code, Wire Transfer Fraud
Leave a comment
L&R Prevails for PNC Bank in $5 Million Bank Suit in Maryland
L&R recently prevailed for client PNC Bank, N.A. in a lawsuit filed in Rockville, Maryland arising out of a $9 million distressed real estate investment scheme. On May 15, 2015, the Circuit Court for Montgomery County closed the case, after … Continue reading
L&R Obtains Summary Judgment for PNC Bank in Maryland $5 Million Banking Suit
In March 2014, L&R obtained summary judgment in Maryland state court for client PNC Bank, N.A., dismissing the rest of a suit arising out of a $9 million distressed real estate investment scheme. Ivanhoe Investment Partners, LP, et al. v. … Continue reading