Bank of America Faces Landmark Online Fraud Case

According to this story on FinExtra.com, a Miami, FL, businessman is suing Bank of America, attempting to hold the bank responsible for the theft of $90,000 from his account that occurred because his machine -- not the bank's -- was hacked. Here's the gist of the story:

The businessman says the cash was transferred from his account to Parex Bank in Latvia without his approval. About $20,000 of the money was withdrawn before the account was frozen. A subsequent Secret Service investigation detected the presence of the coreflood keylogging Trojan on the businessman's computer. Bank of America maintains that it cannot be held responsible for the loss since its systems were not hacked into and that all appropriate measures were taken to complete the transfer.

It should be interesting to track this case, given that the plaintiff claims that it's Bank of America's responsibility to protect him from phishing attacks (which seems like a big stretch to me). Thanks to Eric Maiwald for sending the pointer to the story via email.