News & Analysis as of

Liability Banking Sector Fraud

King & Spalding

Sixth Circuit Holds that Bank Settlement Payment to Resolve Fraudulent Transfer Liability Is Insurable Loss Under Ohio Law and...

King & Spalding on

On February 1, 2024, the U.S. Court of Appeals for the Sixth Circuit, in an unpublished opinion, held that a bank’s professional liability insurance includes coverage for a $32 million settlement payment the bank made to...more

ArentFox Schiff

Investigations Newsletter: Deputy Attorney General Monaco Warns Industries: “Fraud Using AI is Still Fraud”

ArentFox Schiff on

On March 7, Deputy Attorney General Lisa Monaco delivered the keynote remarks at the American Bar Association’s (ABA) 39th National Institute on White Collar Crime. She noted that artificial intelligence (AI) “holds great...more

Walkers

Supreme Court narrows banks' liabilities for fraudulent payments: the offshore impact

Walkers on

Fraud is on the rise. And as sums defrauded usually disappear, victims search for an alternative source to recover their losses. Unsurprisingly, the search often identifies banks' resources as a potential first call. ...more

WilmerHale

United States V. Danske Bank: New Theory of Liability for Violation of US AML Standards

WilmerHale on

This Article discusses the recent plea agreement between the United States and Danske Bank. It argues that the Department of Justice has advanced a new and evolving theory of liability for foreign banks that access the U.S....more

BCLP

The Same Old Wrongdoer Blues: Creative Fraud Leaves Employer Holding the Bag for Fraud on its Account

BCLP on

Articles 3 and 4 of the UCC provide a roadmap for addressing how to allocate liability for the various mistakes, embezzlements and forgeries that have followed the payments system since its invention several centuries ago....more

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