The U.S. Court of Appeals for the Fourth Circuit in Richmond, Va., will hear oral arguments on Dec. 12 over a closely watched business email compromise case that could have wider implications for the credit union industry.
The $1 billion 1st Advantage Federal Credit Union in Yorktown, Va., is asking the appeals court to reverse a 2023 judgement by U.S. District Court Judge Raymond A. Jackson in Norfolk, who found the credit union liable for fraudulent fund transfers when it failed to act on anti-money laundering alerts and suspicious activity from a member's account and payments made to that account from Studco Building Systems.
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