Subscribe to WIRED Magazine Threat Level           Last year, a
U.S. District Court in Maine ruled that People’s United Bank
wasn’t responsible for the lost money, and granted the bank’s
motions for a summary dismissal of Patco’s complaint. A
magistrate agreed with the ruling saying in part that although
the bank’s security procedures “were not optimal,” they were
comparable to those offered by other banks.  But judges with the
First Circuit Court of Appeals ruled last July that the bank’s
security system wasn’t “commercially reasonable,” (.pdf) and
advised the two parties to try to come to a settlement, which
they did about a week ago. Patco will not be reimbursed
attorneys fees in the settlement.  Patco, a family-owned
business in Sanford Maine, sued Ocean Bank, which is owned by
People’s United Bank, after discovering in May 2009 that hackers
were siphoning about $100,000 per day from its online bank
account. The hackers had sent a malicious e-mail to employees
that allowed them to surreptitiously install