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Coblentz Patch Duffy & Bass

Federal Reserve to Implement New ISO 20022 Funds Wiring System

Coblentz Patch Duffy & Bass on

Due to the Federal Reserve’s imminent shift to a new funds wiring system (known as ISO 20022), if you have upcoming plans to transfer any amount of funds via wire transfer, confirm with your bank and anyone else handling your...more

Orrick, Herrington & Sutcliffe LLP

District court grants bank’s motion for stay pending appeal to consider EFTA arguments

Orrick, Herrington & Sutcliffe LLP on

On April 22, the U.S. SDNY granted a bank’s motion for interlocutory appeal and stay pending appeal to the U.S. Court of Appeals for the Second Circuit in a case involving alleged violations of the EFTA. The case stemmed from...more

Burr & Forman

Bank Liability for Business Email Compromises and Fraudulent Payments

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While at your place of business, you receive an email from a trusted source with an established vendor, notifying you that the vendor’s bank account information has changed. Do you note the change in your business records and...more

Goodwin

Protecting Against Wire Fraud Scams

Goodwin on

On March 10, 2023, the US Federal Deposit Insurance Corporation took control of the assets of Silicon Valley Bank (SVB). In light of SVB’s closure, many venture firms and emerging companies are establishing new accounts with...more

Wilson Sonsini Goodrich & Rosati

Important Tips When Establishing New Bank Accounts and Updating Wire Transfer Information

Wilson Sonsini Goodrich & Rosati on

With the Federal Deposit Insurance Corporation’s (FDIC) takeover of Silicon Valley Bank (SVB), we expect a number of entities to begin establishing new bank accounts and updating wire transfer information. This creates...more

Troutman Pepper Locke

Complaint Dismissed Where Hacker-Induced Wire Transactions Authorized by Bank’s Customer

Troutman Pepper Locke on

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

Troutman Pepper Locke

Texas Supreme Court Holds Administrative Wire Transfer Form Does Not Impose Contractual Duties on Bank

Troutman Pepper Locke on

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

Ballard Spahr LLP

Pennsylvania federal court holds Reg J defenses alone do not create federal question jurisdiction

Ballard Spahr LLP on

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 preemption” exception to the...more

Troutman Pepper Locke

WTF (Wire Transfer Fraud)?! – Steps to Reduce Risk

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Business email compromise (BEC) threats are soaring. Huge amounts of money are at risk. We share some practical tips to reduce the chances of being swindled -- and to try to recover amounts if you are....more

Shumaker, Loop & Kendrick, LLP

Client Alert: A “Black Swan Event”: New York Federal Court Rules that Lenders are Entitled to Keep $500 Million Mistakenly Paid by...

Shumaker, Loop & Kendrick, LLP on

We are closely following Revlon on behalf of several creditor interests. In the context of a series of complex re-financings and roll-up transactions by Revlon in May, 2020, human error caused a $500 million loss for...more

Troutman Pepper Locke

WTF?! - Wire Transfer Fraud Litigation

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Threat actors have recently and significantly increased efforts to defraud organizations and individuals through business email compromise (BEC). In BEC and related scams, the threat actors trick unsuspecting targets into...more

McAfee & Taft

Massachusetts credit union takes plunge into banking marijuana-related businesses

McAfee & Taft on

While the vast majority of U.S. banks and credit unions have opted not to offer banking services to marijuana-related businesses (MRBs) due to the significant legal and financial risks involved, one credit union in...more

Patterson Belknap Webb & Tyler LLP

Obtaining Jurisdiction in New York Courts through Repeated Use of Correspondent Bank Accounts

Patterson Belknap Webb & Tyler LLP on

In the past, a foreign bank’s use of correspondent bank accounts in the United States to facilitate wire transfers has not necessarily given New York courts a sufficient basis for jurisdiction over the bank. But a recent 4-3...more

Cozen O'Connor

Claim For Fraudulent Wire Transfer Under Commercial Crime Policy Found to be Covered, Although Denial Not In Bad Faith

Cozen O'Connor on

Principle Solutions Group, LLC, an information technology company, lost $1.717 million when it became the victim of a fraud scheme for which it sought coverage under the terms of a commercial crime policy issued by Ironshore...more

Foley Hoag LLP - Security, Privacy and the...

Phishing for Christmas

Foley Hoag LLP - Security, Privacy and the... on

As the Wall Street Journal noted yesterday, banks are being deluged with phishing attacks. These attacks are especially fierce around the holiday season, when more personnel are absent and normal procedures are ignored or...more

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