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Financial Crimes › Negligence

Troutman Pepper Locke

Fourth Circuit Holds UCC Article 4A Requires Beneficiary Bank’s Actual Knowledge for Wire Misdescription Liability in Business...

Troutman Pepper Locke on

On March 26, the U.S. Court of Appeals for the Fourth Circuit reversed a district court’s decision holding a credit union liable for a wire transfer in a business email compromise scam case where the credit union lacked...more

Rivkin Radler LLP

NY Nursing Home Settles Fraud Suit

Rivkin Radler LLP on

On March 4, the New York Attorney General announced an $8.6 million settlement with Fulton Commons Care Center, a nursing home located in East Meadow, NY. The settlement resolves an action brought against Fulton in 2022...more

Cozen O'Connor

California Court of Appeal Holds Banks Owe Depositors No Duty to Monitor Other Depositor’s Accounts

Cozen O'Connor on

The California Court of Appeal, Fourth District, recently issued a much-needed opinion that closed a gap in existing case law regarding duties owed by banks to its depositors. It has long been the rule that banks owe no duty...more

White & Case LLP

UK Supreme Court upholds first successful claim for breach of the "Quincecare" duty financial institutions owe their customers

White & Case LLP on

In Singularis Holdings Ltd (In Official Liquidation) v Daiwa Capital Markets Europe Ltd ([2019] UKSC 50), the Supreme Court upheld the first successful claim in negligence by a customer of a financial institution for breach...more

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