Scottrade, Travelers End Suit Over $14M Hacking Loss

Law360, New York (March 23, 2011, 2:07 PM EDT) -- Scottrade Inc. and a subsidiary of Travelers Cos. Inc. have settled a dispute over insurance coverage for a computer hacking scheme that cost the online stock broker $13.8 million.

The settlement was revealed Tuesday by Judge Stephen N. Limbaugh Jr. of the U.S. District Court for the Eastern District after a mediator told the court that the parties reached a settlement through negotiations. Settlement details were not disclosed due to a confidentiality agreement, an attorney said.

“Like most settlements, both sides are a little bit unhappy,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.