A Missouri court rejected BancorpSouth's attempt to countersue ahacked commercial banking customer, Choice Escrow and Land Title,for losses, damages and legal costs, according toBankInfoSecurity.

In 2010, a fraudulent wire transfer from Choice Escrow's accountat BancorpSouth cost Choice more than $400,000. After Choice suedthe bank in 2010 seeking to recover its losses, BancorpSouth filedits countersuit.

According to BankInfoSecurity, the Missouri court'sinterpretation of a section of the Uniform Commercial Code couldset a precedent for similar cases involving bank cyber frauds.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.