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A cautionary tale: Bank not liable for cyber theft, says 8th U.S. Circuit
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Court Report, Cybersecurity
Wednesday, July 16, 2014
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An escrow company from Missouri can now be held up as a cautionary tale for other companies to do all they can to protect their escrow funds from cyber theft. After internet fraudsters stole $440,000 from their escrow account, they sued their bank to recover the lost funds. The bank counterclaimed for attorney’s fees. The district court held that the escrow company should bear the loss of the funds from its account.
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