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Chile's Supreme Court sets new precedent in ruling against Banco de Chile

Chile's Supreme Court issued a ruling against Banco de Chile, deciding the bank should pay for the 26 million pesos stolen from Comercial Agrícola e Industrial Novapro's account because of a cyberbreach in August 2018, La Tercera reported.

The ruling argued that "in the case of theft or fraud without the intervention or participation of the client, the breach of the duty of protection and the subsequent availability of these flows fall to the depository bank and not to the depositor."

The decision by the country's highest court sets a precedent for banks to take responsibility of their banking operations with fraud patterns, according to the report.

In June 2018, the Supreme Court ruled that Itaú CorpBanca should reimburse a client, Patricio Bottai, for funds stolen from his bank account. Similarly, in July 2018, the court ruled in favor of Juana María Macchiavello after fraudulent transactions were made on the client's Banco del Estado de Chile credit card.

As of March 14, US$1 was equivalent to 671.26 Chilean pesos.