PATCO Construction reached a settlement in mid-November with People’s United Bank over a wire fraud dispute dating back to 2009. The Maine-based construction company was compensated for the $500,000 monetary loss it suffered. An appellate court’s ruling has raised questions about commercial liability in the wake of a fraud event. Commercial customers should have more sophisticated fraud-detection systems than retail/consumer customers, says attorney Dan Mitchell. Mitchell argues “banks clearly are in a better position to police fraud””]
Source: https://www.cuinfosecurity.com/patco-settlement-what-means-a-5373