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Credit-Card Issuing Banks
May Benefit from Data Security Reqs.
Credit-card issuing banks may seek reimbursement for losses in connection with a breach-of-data network security at a retail store on the theory that they were intended beneficiaries of the information-security agreement between the retailer's payment processor/acquiring bank and the credit-card system. Sovereign Bank v. BJ's Wholesale Club, Inc., 2008 U.S. App. LEXIS 15098 (3d Cir. July 16, 2008). In a consolidated action, the appeals court reversed the lower court's grant of summary judgment to the defendant-acquiring bank on the plaintiffs' breach-of-contract claim, but affirmed the dismissal of the plaintiffs' negligence claims against the acquiring bank and retailer based on the economic-loss doctrine. The credit-card issuing banks brought suit against the retailer and the acquiring bank that processed the retailer's credit-card transactions, claiming that a resulting security breach, which forced the issuing bank to incur expenses related to unauthorized charges and the issuance of replacement credit cards, was caused by the retailer's failure to comply with the Cardholder Information Security Program (“CISP”) required by the acquiring bank's agreement with the credit-card system. In particular, the issuing bank claimed that the retailer's transaction-processing system retained and stored full magnetic-stripe data from the credit cards after processing a transaction, in violation of the CISP. The appeals court stated that the issuing banks met the burden of producing sufficient evidence that the credit-card system intended to give it the benefit of the payment processor's promise to the credit-card system to ensure its merchants complied with the CISP, and remanded the case for further proceedings on the breach-of-contract claim.
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.