Firm Tells 5th Circuit It Held Stolen Funds, Phishing Incident Was Covered By Policy

Mealey's (August 25, 2021, 7:43 AM EDT) -- NEW ORLEANS — Even though millions of dollars that were stolen in a phishing incident were in the account of its payment processing vendor at the time of the attack, a software and analytics firm tells the Fifth Circuit U.S. Court of Appeals in an Aug. 13 reply brief that it was in full control of the funds and, therefore, the loss should be covered under its commercial crime insurance policy....