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$320,000 cyberheist sparks lawsuit against Kingsport-based bank

May 1st, 2013 9:32 am by Hank Hayes

$320,000 cyberheist sparks lawsuit against Kingsport-based bank

KINGSPORT — A nearly $328,000 cyberheist from a local contractor’s bank account has resulted in a lawsuit filed in Sullivan County Circuit Court against a Kingsport-based bank.

Tennessee Electric Co. (TEC) is seeking $2 million in punitive damages plus compensatory judgment of more than $190,000 for an alleged unauthorized funds transfer last year from its TriSummit Bank account.

When contacted for a response, TriSummit Bank Chairman and Chief Executive Officer R. Lynn Shipley Jr. made the following statement:

“It is a well-known fact that cybercrimes are a rampantly growing threat to individuals and businesses worldwide.

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