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Recent Posts
- Virginia Court in Email ACH Funds Transfer Fraud Case Relies on NACHA Rules in Permitting Claims Against Bank
- Nevada Bench Trial Applies UCC in Allocating Loss Between Hacked Seller and Duped Buyer
- Salvatore Scanio’s Article on the NAIC Insurance Data Security Model Law Published by ABA’s Cybersecurity and Data Privacy Committee
- New York Court Rejects Cut Down of UCC Art. 4A’s 1-Year Notice Rule for Unauthorized Funds Transfers
- FinCEN Advisory Highlights Cybercriminals Exploiting COVID-19 Pandemic for Funds Transfer Fraud
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Tag Archives: Salvatore Scanio
L&R Prevails for PNC Bank in $5 Million Bank Suit in Maryland
L&R recently prevailed for client PNC Bank, N.A. in a lawsuit filed in Rockville, Maryland arising out of a $9 million distressed real estate investment scheme. On May 15, 2015, the Circuit Court for Montgomery County closed the case, after … Continue reading
More Federal Decisions Highlight Need to Invoke Original Document Defense in Financial Institution Bond Cases
As reported in our September 2013 Newsletter, recent federal decisions in Michigan serve as instructive reminders of the need for insurers in Financial Institution Bond (FIB) cases to timely explore the availability of, and invoke, the original document requirement defense … Continue reading
Posted in BANKING & FINANCE, CORPORATE, INSURANCE, LITIGATION
Tagged Bank Fraud, Counterfeit Securities, Cybercrime, Declination Letter, EFT Fraud, Electronic Funds Transfer (EFT), Electronic Transmission, Financial Institution Bond (FIB), Insurance Coverage, Original Documents, Robert Ludwig, Salvatore Scanio, Waived Defenses, Wire Transfer Fraud
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Eighth Circuit Upholds Ruling and Allows Attorneys’ Fees in Favor of Bank in Malware Wire Case Where Customer Refused Security Procedures
In a recent malware case arising from a large fraudulent wire transfer, the Eighth Circuit Court of Appeals upheld the district court’s grant of summary judgment to the bank. Choice Escrow and Land Title, LLC v. BankcorpSouth Bank, 2014 U.S. … Continue reading
Posted in BANKING & FINANCE, CORPORATE, LITIGATION
Tagged Account Takeover, Attorney’s Fees, Bank Customer Contract, Cybercrime, Deposit Account Agreement, EFT Fraud, Electronic Funds Transfer (EFT), Malware, Online Banking, Robert Ludwig, Salvatore Scanio, Security Procedures, UCC Article 4A, Wire Transfer Fraud
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L&R Obtains Summary Judgment for PNC Bank in Maryland $5 Million Banking Suit
In March 2014, L&R obtained summary judgment in Maryland state court for client PNC Bank, N.A., dismissing the rest of a suit arising out of a $9 million distressed real estate investment scheme. Ivanhoe Investment Partners, LP, et al. v. … Continue reading
New York Court of Appeals Approves Reduction of UCC One-Year Notice Period for Reporting Check Fraud to Fourteen Days
Under UCC § 4-406(f), a customer must discover and report any unauthorized signature or alteration on a check to its bank within one year after a statement or check is made available to the customer. Absent timely notice, the customer’s … Continue reading
The Future of Payments Fraud/Counterfeit Cashier’s Checks
Sal Scanio spoke at BAI’s Payments Connect 2014 conference, The Future of Payments Fraud, in Las Vegas on March 11, 2014, as part of a panel titled, Counterfeit Cashier’s Checks: Avoiding Both Fraud and Revenue Losses. In recent years, financial … Continue reading