Hacked Prima Donna Customer Loses To Wells Fargo After Dissing Dual Control In A Recent California Decision

LexisNexis ( May 5, 2020, 2:24 PM EDT) -- In a significant payments decision by the California Court of Appeals, Wells Fargo Bank, N.A. avoided taking the hit when its customer’s commercial deposit account was hacked, thanks to solid documentation including an arbitration clause and sound security procedures the bank followed in good faith. The fact that its customer was less than astute when its president turned down dual control authentication also helped....