Thieves stole $465,000 from Village View Escrow in the space of two days and the company are now suing their bank. The California-based company want to be reimbursed the $465,000 as well as to be paid damages for losses due to loan charges and bank fees. They claim that Professional Business Bank did not protect their money properly accordingFederal Financial Institutions Examination Council (FFIEC) and Federal Deposit Insurance Corp (FDIC) guidelines.
The case follows one in Michigan where Experi-Metal succesfully claimed $560,000 from Comerica Bank, after the court ruled the bank should have picked up the fraudulent transactions sooner. However, in a case in Maine, Ocean Bank was not held to be responsible for $345,000 lost by one of their business customers in a cyber attack.
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