Topic
Wire Transfer
38 published works
Consumer Financial Services Law Monitor
Complaint Dismissed Where Hacker-Induced Wire Transactions Authorized by Bank’s Customer
By Mary C. Zinsner, Susan Flint, Andrew Buxbaum, Elizabeth Briones
A federal district court in New Jersey recently dismissed a complaint against a bank filed by a commercial customer duped by a business email compromise incident. The case involved four…
Consumer Financial Services Law Monitor
Texas Supreme Court Holds Administrative Wire Transfer Form Does Not Impose Contractual Duties on Bank
By Andrew Buxbaum, Jon S. Hubbard, Mary C. Zinsner, Michael E. Lacy, Elizabeth Andrews, Elizabeth Briones, Chris Bascom, Susan Flint
In Cadence Bank, N.A. v. Roy J. Elizondo III, PLLC, the Supreme Court of Texas recently held that an administrative form relied upon by a victim of a fraud scam…
Consumer Finance Monitor
Pennsylvania federal court holds Reg J defenses alone do not create federal question jurisdiction
A Pennsylvania federal district court recently held that Regulation J did not completely preempt state law claims related to a wire transfer, and thus did not fall under the “complete…
Global Regulation Tomorrow
Joint Committee Decisions amending Annex IX (Financial Services) to EEA Agreement published in OJ
On 23 September 2021, the following were published in the Official Journal of the EU: Decision of the EEA Joint Committee No 249/2018 of 5 December 2018 amending Annex IX…
Business Litigation Blog
Citibank’s $900 Million Black Swan
By David Erroll, Jennifer Fiorica Delgado
On February 16, Judge Furman of the Southern District of New York handed down a ruling in In re Citibank August 11, 2020 Wire Transfers concluding that Citibank could not…
ContractsProf Blog
Court Refuses Citibank’s Request for a $900 Million Mulligan
Matt Levine provides on Bloomberg the tl;dr version of Judge Furman's 105 page ruling in In re Citibank August 2020 Wire Transfers. I will simplify even further. Citibank mistakenly sent $900 million in…
Iowa Cybersecurity Law Blog
You Can’t Outsource Cybersecurity to Your Bank
By John Lande
This blog has covered numerous cases of fraudsters tricking organizations into transferring funds. The scams often involve fraudsters portraying themselves as a senior executive in an organization either by hacking…
White Collar Law & Investigations
Minimizing Risk and Liability from Man in the Middle Attacks (or, How to Keep Your Company’s Wire Transfers from Going Awry)
By Foley Hoag
Imagine this scenario: you’ve had a productive and mutually advantageous ongoing contractual relationship of several years with another party. You have built up quite a bit of trust over the…
Security, Privacy and the Law
Minimizing Risk and Liability from Man in the Middle Attacks (or, How to Keep Your Company’s Wire Transfers from Going Awry)
Imagine this scenario: you’ve had a productive and mutually advantageous ongoing contractual relationship of several years with another party. You have built up quite a bit of trust over the…
Data Privacy + Cybersecurity Insider
Recent FINRA Consent Agreement – Sanctions Against Former Securities Employee Regarding Wire Transfers
By Robinson+Cole's Data Privacy + Cybersecurity Team
The regulatory sword of the financial industry came down on a former securities employee for violations involving wire transfers out of a client’s account. The Financial Industry Regulatory Authority (FINRA)…