Firm Says It Held Funds Stolen In Phishing Scheme, Is Due Insurance Coverage

Mealey's (June 22, 2021, 9:19 AM EDT) -- NEW ORLEANS — A company that lost more than $6 million in a phishing attack tells the Fifth Circuit U.S. Court of Appeals in a May 24 brief that even though the funds were pilfered from a third-party payment processor’s account, it controlled and “held” the money and, thus, was entitled to reimbursement under its commercial crime insurance policies....