Shaw Capital Management Scam Info: Judge rules against trial in lawsuit by victim of $588K cyber heist

Shaw Capital Management Scam Info: Judge rules against trial in lawsuit by victim of $588K cyber heist http://www. computerworld. com/s/article/9217417/Judge_rules_against_trial_in_lawsuit_by_victim_of_588K_cyber_heist By Jaikumar Vijayan June 7, 2011 05:20... More

Shaw Capital Management Scam Info: Judge rules against trial in lawsuit by victim of $588K cyber heist http://www. computerworld. com/s/article/9217417/Judge_rules_against_trial_in_lawsuit_by_victim_of_588K_cyber_heist By Jaikumar Vijayan June 7, 2011 05:20 PM ET Computerworld - A Maine judge s ruling in a case involving a business that sued its bank after losing $345,000 in a cyber heist could set a precedent about how diligent companies must be in protecting their assets online. Patco Construction Company, a family-owned business in Sanford Maine, sued Ocean Bank in 2009 after cyber crooks broke into the company s online account and siphoned out nearly $589,000 via unauthorized Automated Clearing House (ACH) transfers. About $243,000 worth of transfers were successfully blocked by the bank after the fraud was discovered. However, Patco was left on the hook for the remaining $345,000 -- plus interest charges on more than $100,000 the bank used from Patco s credit line to cover the Less