Maine-based construction company had its corporate bank account raided over a six-day period last May. Cyber thieves stole over $588,000 from the company’s bank account. Construction company sued its bank, Ocean Bank of Portsmouth, NH, for failing to detect and prevent the bogus transfers. The suit is rooted in the Uniform Commercial Code for commercial banks that says institutions must offer “commercially reasonable” security to protect online customers from fraud. The judge has not set a date for the trial, but a judge has yet set a trial date.”]
Source: https://www.bankinfosecurity.com/ach-fraud-sparks-another-suit-a-2592