Maine Construction Company And Bank Settle Dispute Over $345,000 Online Banking Heist

A Maine construction company that sued its bank after losing $345,000 in an online banking heist has settled its dispute after a protracted legal battle that raised questions about the bank’s responsibility in protecting customer accounts against cyber fraud.

The settlement between Patco Construction and People’s United Bank (formerly Ocean Bank) comes about four months after the U.S. Court of Appeals for the First Circuit faulted the bank’s security measures at the time of the theft and advised the two sides to work out a compromise.

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Original news article at https://www.teamshatter.com on November 27, 2012 at 09:04PM