The case of PlainsCapital Bank vs. Hillary Machinery isn't dinner table conversation just about anywhere, but Jim Woodhill, founder and chairman of security vendor Authentify, is aiming to change that.
First, the facts of the case. Texas-based Hillary Machinery was relieved of about $800k in an online banking heist; PlainsCapital, the $30 million business's bank, was able to recover all but about $200k. Under current regs, that left Hillary to absorb the loss. What happened next is man-bites-dog kind of story: The bank sued its customer, requesting that the court give a stamp of approval to the bank's security procedures, and that Hillary be forced to pay the bank's attorney fees and court costs.