Bank not liable for customer’s $440,000 cybertheft
Jaikumar Vijayan reports:
A Missouri escrow firm that lost $440,000 in a 2010 cyberheist cannot hold its bank responsible, an appeals court ruled this week.
The Court of Appeals for the Eighth Circuit’s decision this month affirmed a lower court ruling in the case.
The appeals court also held that the escrow firm can be held responsible for the bank’s attorney fees in the case.
In a 25-page ruling, the appeals courts agreed with a Missouri district court ruling in March 2013 that blamed Choice Escrow and Title LLC for the loss because it failed to follow the bank’s recommended security precautions.
Read more on Computerworld.