Case Flags Emerging Malpractice Issue Against 3rd-party PCI Auditors

08 October 2009 Publication

Commercial Lending Litigation News

Foley Senior Counsel Peter McLaughlin and Associate Marie Scheibert authored an article titled "Case flags emerging malpractice issue against 3rd-party PCI auditors" in the October 8, 2009 issue of Commercial Lending Litigation News. The authors consider how Merrick Bank Corp v. Savvis may affect payment card industry (PCI) auditors, noting that the case is being closely followed in the payment card industry because it raises the novel legal issue of whether PCI auditors can be liable to third parties for malpractice. They add that the risk of PCI auditor liability would trigger the need for liability insurance and would likely be accompanied by heightened oversight and increased regulation of the payment card industry and PCI data security standards.