Village View Escrow, a Riverside, Calif. escrow company, settled a long-running dispute with its bank, Professional Business Bank, over a 2010 incident in which hackers drained $400,000 from the company's bank account. The amount of the settlement was not disclosed, but it reportedly covers all of the money Village View lost in the theft, plus interest.
For a story about earlier verdicts in such cases, see Diverging Decisions on Banks' Responsibility for Cybercrimes. For more about online thefts from corporate bank accounts, see Beware Online Banking Thieves.
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
