Credit: Rabbit_1990/Adobe Stock. 'Significant Guidepost in Bank Litigation': Va. Appeals Court Rules Credit Union Not Liable for Scam Wire Transfers
"We decline to extend a duty to mandate the reporting of elder abuse or to mandate an action by a financial institution when elder abuse is suspected where the plain language of a statute clearly says otherwise," the appeals court said.
August 16, 2023 at 04:06 PM
7 minute read
The Virginia Court of Appeals reversed a circuit court's judgment against Navy Federal Credit Union, finding that an elderly woman who was scammed into sending $134,500 in fraudulent wire transfers failed to plead any cause of action for which relief could be granted.
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