News Story

The IBA has joined the U.S. Chamber of Commerce and American Bankers Association in an amicus brief supporting a bank sued for negligence by a noncustomer arguing that the bank failed to block fraudulent wire transfers. The brief urges the Illinois Supreme Court to follow the vast majority of jurisdictions nationwide in adopting a bright-line rule that “banks owe a duty of care only to their own customers.” The brief warns that recognizing a duty of care to all noncustomers “would expose banks to unlimited liability for unforeseeable frauds.” Read the amicus brief.