Real Estate Software Co. Loses Phishing Coverage At 5th Circ.

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By Shawn Rice (December 22, 2021, 6:06 PM EST) — The Fifth Circuit on Wednesday ruled an AIG unit doesn’t have to cover a real estate software company for a $6 million loss in a phishing scam involving rental income for the company’s property manager clients, saying the software company didn’t control the funds at the time they were stolen.

National Union Fire Insurance Company of Pittsburgh’s win was upheld in a coverage suit brought against it by a real estate company that lost $6 million to a phishing scam after a worker clicked a bad link and hackers managed to divert rent checks from tenants to a separate account. (AP…

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