{"id":15449,"date":"2020-07-23T10:42:37","date_gmt":"2020-07-23T14:42:37","guid":{"rendered":"https:\/\/abovethelaw.com\/?p=681395"},"modified":"2020-07-23T10:42:37","modified_gmt":"2020-07-23T14:42:37","slug":"biglaw-firm-sued-over-role-in-cyber-scam","status":"publish","type":"post","link":"https:\/\/abovethelaw.com\/legal-innovation-center\/2020\/07\/23\/biglaw-firm-sued-over-role-in-cyber-scam\/","title":{"rendered":"Biglaw Firm Sued Over Role In Cyber Scam"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-517766\" src=\"https:\/\/abovethelaw.com\/wp-content\/uploads\/sites\/4\/2018\/11\/fraud-prevention-3188092_640-300x187.jpg\" alt=\"\" width=\"300\" height=\"187\" \/>If law firms need (yet another) reminder to take cybersecurity seriously, well, talk to Holland &amp; Knight. The Biglaw firm recently found themselves on the wrong side of the v, and are defending themselves against allegations they should have done more to prevent a cyber fraud scheme in which scammers walked away with over $3 million.<\/p>\n<p>As <a href=\"https:\/\/www.law.com\/2020\/07\/22\/holland-knight-sued-over-botched-wire-transfer\/\">reported by<\/a> Law.com, back in December 2019, Holland &amp; Knight was hired to handle a stock transfer. Now, Holland &amp; Knight, the transfer agent Continental Stock Transfer, and Tassel Parent Inc. are being sued by Sorenson Impact Foundation and the James Lee Sorenson Family Foundation. According to the complaint, a \u201cmalicious third party\u201d intercepted the correspondence and assumed the identity of the plaintiffs, forged documentation, and had the law firm direct the $3,124,940 payment to a Hong Kong bank account. According to the complaint, plaintiffs have been unable to recover the money.<\/p>\n<p>Plaintiffs allege Holland &amp; Knight and defendants did nothing to vet the account the money was sent to, nor did they not contact the plaintiffs to confirm the the transfer details, a step they say was set out in the underlying agreement:<\/p>\n<blockquote><p>\u201cPlaintiffs and defendants would have discovered the fraudulent emails, fraudulent Letter of Transmittal and Letter of Authorization if H&amp;K and Continental had contacted plaintiffs in person over the phone to confirm the fraudulent wire instructions,\u201d the complaint reads.<\/p><\/blockquote>\n<p>The complaints alleges breach of contract, breach of fiduciary duty, and negligence against the Biglaw firm. Holland &amp; Knight has yet to comment on the lawsuit.<\/p>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-444206\" src=\"http:\/\/abovethelaw.com\/wp-content\/uploads\/2016\/11\/headshot-150x150.jpg\" alt=\"headshot\" width=\"111\" height=\"111\" \/><strong><em>Kathryn Rubino is a Senior Editor at Above the Law, and host of <a href=\"https:\/\/open.spotify.com\/show\/1XC11QhFCWxWr4NQrk2sEA\">The Jabot podcast.<\/a> AtL tipsters are the best, so please connect with her. Feel free to email <a href=\"mailto:kathryn@abovethelaw.com?subject=Your Column\" target=\"_blank&quot;\" rel=\"noopener noreferrer\">her<\/a>\u00a0with any tips, questions, or comments and follow her on Twitter (<a href=\"https:\/\/twitter.com\/Kathryn1\">@Kathryn1<\/a>).<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"summary\">Plaintiffs allege the wire transfer went wrong.<\/p>\n","protected":false},"author":949,"featured_media":517766,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[279],"tags":[102,258,1081,7],"class_list":["post-15449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-biglaw","tag-biglaw","tag-cybersecurity","tag-holland-knight","tag-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Biglaw Firm Sued Over Role In Cyber Scam - Above The Law&#039;s Legal Tech Non-Event<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abovethelaw.com\/legal-innovation-center\/2020\/07\/23\/biglaw-firm-sued-over-role-in-cyber-scam\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biglaw Firm Sued Over Role In Cyber Scam - Above The Law&#039;s Legal Tech Non-Event\" \/>\n<meta property=\"og:description\" content=\"Plaintiffs allege the wire transfer went wrong.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/abovethelaw.com\/legal-innovation-center\/2020\/07\/23\/biglaw-firm-sued-over-role-in-cyber-scam\/\" \/>\n<meta property=\"og:site_name\" content=\"Above The Law&#039;s Legal Tech Non-Event\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-23T14:42:37+00:00\" \/>\n<meta name=\"author\" content=\"Kathryn Rubino\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kathryn Rubino\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/abovethelaw.com\/legal-innovation-center\/2020\/07\/23\/biglaw-firm-sued-over-role-in-cyber-scam\/\",\"url\":\"https:\/\/abovethelaw.com\/legal-innovation-center\/2020\/07\/23\/biglaw-firm-sued-over-role-in-cyber-scam\/\",\"name\":\"Biglaw Firm Sued Over Role In Cyber Scam - 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