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Judge dismisses BancorpSouth defense in online theft suit

by
August 30, 2012
Cyber Security
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“A federal judge has rejected BancorpSouth’s plan to use contractual agreements with customers as a shield against liability claims stemming from an online heist of some $440,000 that was illegally wire-transferred from the account of one of the bank’s commercial customers in March 2010.

The customer, Choice Escrow and Title LLC in Springfield, Mo., filed a lawsuit Tupelo, Miss,-based BancorpSouth in November 2010 alleging that the bank failed to implement commercially reasonable security measures as defined in the Funds Transfer Act provisions of the Uniform Commercial Code (UCC).”

Source: Judge dismisses BancorpSouth defense in online theft suit – Computerworld


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