After being taken for $400,000 in 2010, the team at Choice Escrow and Land Title decided to sue the bank with which it had an account for damages and losses. The bank, BancorpSouth, responded with a counter-suit of its own, filed earlier this year, according to Finextra.
This week, a U.S. district court in Missouri rejected the bank’s counter-suit, effectively shifting some of the onus for online banking security onto the financial institution.
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This is not the first time a business has sued its bank over fraud, Finextra notes. In Michigan, the court decided in favor of Experi-Metal in its suit against Comerica Bank over $560,000 in losses, a result similar to that reached in Missouri. But in Maine, Ocean Bank was determined to be not responsible for $345,000 in losses suffered by one of its clients.
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