ACH Fraud: Comerica Pays Settlement
August 2, 2011
Total Loss:
$1.9 Million
Despite announced plans to appeal last month's ruling in the corporate account takeover case with one of its former commercial customers, Comerica Bank now says it has resolved to pay the damages and close the case.
Last month, a U.S. District Court in Michigan ordered Comerica to reimburse Michigan-based Experi-Metal Inc. more than $560,000 for funds EMI lost after Comerica approved fraudulent wire transfers that totaled more than $1.9 million.
When the judgment was handed down, Comerica spokeswoman Kathleen Pitton said the bank believed it had acted in "good faith" and planned to appeal the ruling.
Source:
Bank Info Security
Posted in:
ACH and Wire Fraud