Medidata Slams Chubb Unit's Refusal To Cover $4.8M Fraud

By Steven Trader (September 21, 2015, 9:11 PM EDT) -- Medidata Solutions Inc. struck back Friday against a summary judgment bid by Chubb Corp. unit Federal Insurance Co. in a dispute over coverage of a $4.8 million loss suffered by Medidata when it was tricked into wiring the money overseas, arguing the swindle qualified as fraudulent changes to data.

The clinical research technology company told a New York federal judge Friday it was undisputed that the imposter who posed as a Medidata executive and convinced an employee in the company's financial department to wire the money to an overseas bank account did so by changing the code in emails to alter...

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