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6th Cir. Holds EFTA Does Not Provide Indemnification or Contribution Right for Financial Institutions

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Electronic Funds Transfer Act EFTA

The U.S. Court of Appeals for the Sixth Circuit recently upheld the dismissal of a financial institution's putative class action lawsuit against a cellular service provider arising from a "SIM swap" scam, holding that the financial institution had no claim for indemnification or contribution under the EFTA or state law.

Ralph T. Wutscher


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