April 10, 2019 / 12:27 AM / 13 days ago

Alabama couple sues Wells Fargo, BNY over website 'spoofing' fraud

An Alabama couple who allege they lost $650,000 to fraudsters selling purported certificates of deposit on a fake bank of New York Mellon website have sued the bank and Wells Fargo, which allegedly processed a wire transfer to the criminals.

Filed on Monday in Manhattan federal court, the lawsuit said Wells Fargo was negligent in not warning the couple, Hal and Marsha Duncan, that the wire transfer was highly suspect, and BNY Mellon should have done more to identify and report the fake bank website.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2P2YKLF

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