"OBS was a victim of a phishing scheme," the bank said in its motion to dismiss. Bank of America's summary of the facts of the case portrayed the incident as an unfortunate situation that was entirely out of the bank's control. The bank also contended that it does not owe a tort duty to the law firm and that the doctrines of the gist of the action and economic loss bar the firm's claims. Bank of America further argued that its contract with the firm specifically absolved the bank of liability for wire transfers that could not be cancelled and was silent as to whether funds from the firm's entire IOLTA account could be used to fund wire transfers. In a motion to dismiss filed June 28, Bank of America argued Pennsylvania’s Commercial Code displaces all of the law firm's common-law breach-of-contract claims and that the PCC does not impose liability on a bank for failing to cancel a wire transfer that its customer had validly initiated and authorized. The complaint claimed the bank breached its contract with the firm by failing to cancel the wire transfer once it was discovered to be fraudulent and by using other clients' funds from IOLTA sub-accounts to cover the amount. The firm filed a complaint May 18 in federal court in Philadelphia, claiming the bank was responsible for the damage done after hackers used deceptive emails to dupe a member of the firm into transferring more than a half-million dollars from the firm's Interest on Lawyer Trust Account to the Bank of China, purportedly on behalf of a client. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.Photo: Bank of America has fired back at Warminster-based law firm O'Neill Bragg & Staffin, which sued last month alleging the bank was liable for failing to cancel a wire transfer made to China after the firm’s account was infiltrated by hackers. You may also visit the individual sites for additional information on their data and privacy practices and opt-out options. To learn more about ad choices, or to opt out of interest-based advertising with non-affiliated third-party sites, visit YourAdChoices layer powered by the DAA or through the Network Advertising Initiative's Opt-Out Tool layer. Ads served on our behalf by these companies do not contain unencrypted personal information and we limit the use of personal information by companies that serve our ads. Relationship-based ads and online behavioral advertising help us do that.īank of America participates in the Digital Advertising Alliance ("DAA") self-regulatory Principles for Online Behavioral Advertising and uses the Advertising Options Icon on our behavioral ads on non-affiliated third-party sites (excluding ads appearing on platforms that do not accept the icon). We strive to provide you with information about products and services you might find interesting and useful. Member FDIC ©2024 Bank of America Corporation. Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation. Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. The Zelle ® related marks are used under license from Early Warning Services, LLC. Make YOUR next transfer using the Bank of America Mobile Banking App. It's banking made easier, with the Bank of America Mobile Banking App right at your fingertips. You'll receive a confirmation that the transfer was successful… and that's it! Then, if everything looks good, select 'Schedule.' Select the date you want the transaction to occur, and tap 'Done' once again.įinally, click 'Continue' to review the details. and which account to transfer to.Įnter the amount you want to transfer, then tap 'Done.' Select the account you want to transfer money from. Screen images simulated.įrom there, tap “Transfer between my accounts,” With the Bank of America Mobile Banking App, transferring money between your Bank of America accounts has never been easier.
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