On September 8, Second Circuit ruled that lenders must return $500 million to Citibank, which had mistakenly wired the funds to them. The decision vacates a 2021 Southern District of New York ruling, which held that the...more
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 wire transfers totaling $1.4 million...more
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 did not impose contractual obligations on a bank to verify...more