KeyCorp shares fall after the bank uncovers $90 million fraud by payrolls processor
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Shares of KeyCorp fell Tuesday after the regional bank disclosed fraudulent activity that could cost the company up to $90 million. -
Cleveland-based KeyCorp said in an 8-K filing the fraud involves a "business customer" and was discovered "on or about" July 9. -
The customer in question is Interlogic Outsourcing, a payrolls processing company based in Elkhart, Indiana -
On July 9, KeyBank filed a lawsuit against Interlogic claiming the payments processor “fraudulently initiated wire transfers.” -
“The Company is working with the appropriate law enforcement authorities in connection with this matter,” KeyCorp said in the filing. -
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