New York Case Involving Hack Of SWIFT Wire Illustrates Difficulty Of Getting Account Takeover Cases Dismissed

LexisNexis (January 26, 2017, 9:44 AM EST) -- Deposit account takeover litigation continues apace.  In a recent federal decision from New York, the court refused to dismiss a claim brought by a Wells Fargo customer (Banco del Austro) whose deposit account had been hacked by unauthorized SWIFT wire transfers. Even though the court did dismiss the plaintiff's breach of contract and common-law negligence claims, it ruled that the plaintiff's fact-intensive claim under Article 4A of the New York UCC precluded Wells Fargo's motion to dismiss. 

The New York case.  In Banco del Austro, S.A....
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