Scottrade Seeks $13.8M For Hack Attack Losses

Law360, New York (November 12, 2009, 6:07 PM EST) -- Online securities brokerage Scottrade Inc. has asked a federal court to compel a Travelers Cos. Inc. subsidiary to pony up coverage for $13.8 million in losses incurred as a result of an elaborate “hack-pump-and-dump” scheme that compromised Scottrade's computer networks.

Scottrade filed a complaint against Travelers insurer The St. Paul Mercury Insurance Co. on Thursday in the U.S. District Court for the Eastern District of Missouri, seeking $13.8 million in damages, plus 9 percent prejudgment interest and related costs, for the insurer's alleged failure to provide...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.