Law Firm Can't Blame First Republic For $300K Email Scam
Law360 (May 21, 2020, 4:24 PM EDT) -- A Boston law firm targeted by an email scam can't hold First Republic Bank responsible for processing a $337,000 counterfeit check and subsequent wire transfers because the bank was simply following the firm's directions, the Massachusetts intermediate-level appeals court ruled Wednesday.
Sarrouf Law LLP claimed the bank should have detected that something was wrong when the firm deposited the check and instructed First Republic to transfer most of the money to Asia on behalf of a purported client who was later revealed to be a fraudster.
But the three-justice panel affirmed a lower court's final judgment order in the bank's favor,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!