Court Favors Bank in Fraud Dispute with a customer over financial losses linked to account takeover incident. A federal court has sided with a Mississippi bank over a $440,000 loss that resulted from fraudulent wire transfers. That means the bank will not have to cover the cost of the loss or pay damages. The court’s decision is supported by a provision within the Uniform Commercial Code’s Article 4A that governs how financial institutions should handle incidents of wire-transfer fraud. Choice Escrow Land Title LLC sued BancorpSouth in November 2010 to recover the losses.”]
Source: https://www.cuinfosecurity.com/court-favors-bank-in-fraud-dispute-a-5625