Reed Smith Reps Payless In $1.2M Cybercrime Insurance Row
Law360 (April 30, 2021, 3:41 PM EDT) -- Reed Smith LLP is representing Payless as the company sues an insurer in Florida federal court for allegedly breaching a contract and failing to indemnify the retailer after hackers impersonated company officials and made off with over $1.2 million.
Payless Inc. and several related entities contend that Beazley Insurance Co. Inc. breached the contract by failing to pay the retailer, which had taken out various insurance policies in the event such a fraudulent event occurred, according to Thursday's complaint in the Southern District of Florida.
Payless alleges that the policies it took out with Beazley should cover the March 2019 heist,...
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