Asset Protection Blog – Asset Management – Asset Allocation

Some lawsuits are frivolous, but most are not.  If industry practices, the government, or some other combination of factors makes it impossible for you to avoid some kind of loss, your only recourse may be to file a lawsuit. I was reminded of this principal recently when I learned a couple in Illinois recently sued their bank for failing to secure their account from identity thieves.  The bank tried to quash the lawsuit, but an Illinois district court judge recently issued a ruling allowing it to proceed.  And for once, I agree.  The lawsuit is definitely not frivolous. Here’s what happened, according to the allegations in the lawsuit: In February 2007, an intruder obtained online access to the wife’s Citizens Financial banking account using her user name and password.   The intruder authorized an electronic transfer of US$26,500 from the couple’s line of credit to the wife’s business account.  Next, the intruder initiated a transfer of the funds to an Austrian bank. [...]