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PATCO CONST. CO., INC. v. PEOPLE'S UNITED BANK

No. 11-2031.

684 F.3d 197 (2012)

PATCO CONSTRUCTION COMPANY, INC., Plaintiff, Appellant, v. PEOPLE'S UNITED BANK, d/b/a Ocean Bank, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided July 3, 2012.

Attorney(s) appearing for the Case

Daniel J. Mitchell , with whom Eben M. Albert-Knopp and Bernstein Shur were on brief, for appellant.

Brenda R. Sharton , with whom Don M. Kennedy , Katherine A. Borden , and Goodwin Procter LLP were on brief, for appellee.

Before LYNCH, Chief Judge, LIPEZ and HOWARD, Circuit Judges.

LYNCH, Chief Judge.

Over seven days in May 2009, Ocean Bank, a southern Maine community bank, authorized six apparently fraudulent withdrawals, totaling $588,851.26, from an account held by Patco Construction Company, after the perpetrators correctly supplied Patco's customized answers to security questions. Although the bank's security system flagged each of these transactions as unusually "high-risk" because they were inconsistent with the timing, value, and geographic...

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