【Market Update】Nearly $570,000 went up in smoke, but the banks don’t have to pay: A crypto-fraud lawsuit involving Stanford FCU and several other financial institutions has been dismissed. A California couple claimed that the institutions’ failure to stop a “pig butchering” investment scam caused them losses. But a federal judge ruled that the couple failed to explain how the defendants should be held liable for the losses, and that some of their claims were time-barred. This is also a reminder to the public: once a fraudulent transfer is completed, it is extremely difficult to hold a bank responsible. Do you think banks should be liable for fraudulent transfers?
(Source: CU Today, Law360)
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