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NationsBank Corp. pays Lombard $145K.(settlement for case filed by Lombard Securities Inc.)
NationsBank Corp. has paid out roughly $145,000 to a Baltimore investment firm that took the bank to court claiming it did not have proper safeguards to detect check fraud.
A spokeswoman for the Charlotte. N.C.-based bank said the company did not want to spend the time or resources to appeal the decision. She would not comment further.
Daniel T. McHugh, president of the investment firm, Lombard Securities Inc., said he is pleased the case is over.
But, he added, "I have serious concerns about the commercial honor and business integrity of any organization that feels it doesn't have to live up to what it tells consumers that it does." he said. …
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