After Sanford company’s money stolen, court rules banks are responsible if hacked

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This BDN Maine article features Bernstein Shur Attorney Dan Mitchell.

SANFORD, Maine — A recent court ruling involving a Sanford construction company and its bank could have nationwide implications as attorneys and policy makers debate who’s at fault when anonymous computer hackers steal money electronically.

People’s United Bank agreed last week to reimburse Patco for $345,000 in funds stolen by hackers after the First Circuit Court of Appeals in Boston decided the bank was liable in the case, Patco attorney Dan Mitchell confirmed Thursday.

Please see full article below for more information.

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Topics:  Cybersecurity, Financial Institution Liability, Fraudulent Wire Transfers, Hackers

Published In: Civil Remedies Updates, General Business Updates, Finance & Banking Updates, Privacy Updates, Science, Computers & Technology Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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