NJ Bank Beats Customer's Suit Over $1.4M Hacking Scam

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By Katryna Perera (April 26, 2022, 9:02 PM EDT) — A New Jersey bank on Tuesday beat back a lawsuit alleging that lax security measures caused it to wrongfully process $1.4 million in fraudulent wire transfers between a commercial real estate financing firm customer and a foreign entity as part of a hacking scheme.

U.S. District Judge Kevin McNulty granted Cross River Bank’s dismissal motion, stating that plaintiff Harborview Capital Partners LLC had failed to state a claim. The judge said the bank did nothing more than execute the disputed transfers at the direction of an authorized representative of Harborview.

Harborview sued Cross River in August 2021, asserting the bank should have…

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