An appellate court ruling in favor of a bank in a dispute over account takeover losses dating back to 2010 has broad implications for financial institutions. The court’s move to require the customer who filed the lawsuit to pay the bank’s legal fees could deter others from taking legal action against banks. Legal experts say the court leans heavily on Article 4A of the Uniform Commercial Code, which includes a provision about how banking institutions should handle incidents of wire-transfer fraud. BancorpSouth says the appellate court’s ruling vindicates the integrity of its security procedures.”]
Source: https://www.bankinfosecurity.com/bank-wins-account-takeover-loss-case-a-6952