First Republic Lacked 'Common Sense' In Big Theft, Suit Says

By Craig Clough (October 12, 2021, 8:34 PM EDT) -- First Republic Bank was hit with a suit in New Jersey federal court Tuesday over a wealthy account holder's allegations that the bank failed to follow standard security protocols or "adhere to common sense" while allowing his former employee to steal millions from him and his company.

LD Management LLC and Michael Lukacs allege that his former employee, who is identified as "Jane Doe," submitted fraudulent documents to the bank that allowed her to be added as an authorized user on the company's account and have power of attorney over Lukacs' finances before withdrawing large sums of cash that should have set...

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