P.F. Chang case a cyber forerunner - Business Insurance (2024)

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    Reprints

    In what may be the first court rulings focused on cyber insurance, the U.S. District Court in Phoenix held in P.F. Chang's China Bistro Inc. v. Federal Insurance Co. that the Chubb Ltd. unit did not have to reimburse the Scottsdale, Arizona-based company $1.9 million in costs for a 2014 data breach.

    The restaurant chain had entered into a master service agreement with Charlotte, North Carolina-based Bank of America Merchant Services L.L.C. to process credit card payments made to by P.F. Chang's customers.

    Following the breach, MasterCard imposed three assessments on the Bank of America unit totaling $1.9 million, which the restaurant chain reimbursed in April 2015. P.F. Chang's sued after Federal Insurance denied coverage for the assessments.

    The cyber coverage included a clause that provided that Federal Insurance would pay for any claim first made against the insured for injury. Federal Insurance successfully argued the clause was not applicable to its policy because the payment processing unit itself had not sustained an injury.

    The court also held Federal Insurance was not obligated to indemnify P.F. Chang's for the assessments because of policy exclusions “that bar coverage for contractual obligations an insured assumes with a third party outside of the policy.” The court held P.F. Chang's agreement with the processing unit met the criteria “and thus triggers the exclusions.”

    Federal Insurance did reimburse the restaurant chain for more than $1.7 million for costs incurred from the security compromise, including forensic investigation and defense costs.

    Read Next

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      Policyholders should be aware of potential gaps in their cyber insurance as standardized language is still in the early stages of development and policies can vary greatly in what they do and do not cover.

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    • P.F. Chang case a cyber forerunner - Business Insurance (2024)

    FAQs

    Who owns PF Chang? ›

    P. F. Chang's China Bistro is an American-based, casual dining restaurant chain founded in 1993 by Paul Fleming and Philip Chiang that serves Asian fusion cuisine. Centerbridge Partners owned and operated Chang's until acquired by the private equity firm TriArtisan Capital Advisors on March 2, 2019.

    Continue Reading ›
    Who is the new CEO of PF Chang's? ›

    Chang's announces former Panera exec Eduardo Luz as CEO and president. P.F. Chang's China Bistro, Inc. announced Monday the appointment of former Panera Bread chief brand and concept officer Eduardo Luz as the Scottsdale, Ariz.

    View Details ›
    Is PF Chang Chinese or Japanese? ›

    P.F. Chang's is the first internationally recognized multi-unit Asian culinary brand to honor and celebrate wok cooking as the center of the guest experience. With roots in Chinese cuisine, today's menu spans across all of Asia, honoring cultures and recipes from Japan, Korea, Thailand, and beyond.

    Discover More Details ›
    Did the CEO of PF Chang step down? ›

    Chang's China Bistro, Inc. (the “Company”) today announced that Damola Adamolekun has decided to step down as Chief Executive Officer (“CEO”) effective August 1st, 2023.

    View More ›
    How much does the CEO of PF Chang make a year? ›

    Based on our data, it appears that the optimal compensation range for a Chief Executive Officer at Pf Changs China Bistro Inc is between $713,812 and $1,188,080, with an average salary of $936,698.

    View Details ›
    How much is PF Chang's net worth? ›

    Chang's was valued at $1.1 billion, according to Bloomberg. Pei Wei Asian Diner, a separate restaurant chain recently split from P.F. Chang's, will not be included in the sale and is staying with Centerbridge Partners.

    View More ›
    Who is the CFO of PF Chang's? ›

    Jake Kay serves as the CFO of P.F. Chang's.

    Read On ›
    Who are the investors in PF Chang's? ›

    Who are P.F. Chang's China Bistro's investors? Drum Capital Management, Paulson & Co., and TriArtisan Capital Advisors have invested in P.F.

    Find Out More ›
    Are PF Chang's and Pei Wei owned by the same company? ›

    At the end of 2017, Pei Wei announced its separation from parent company, P.F. Chang's China Bistro. This separation would lead the company to undergo a slight name change, as well as the relocation of its headquarters from Scottsdale to Irving, Texas. As a part of their separation from P.F.

    Read More ›
    Who is the black CEO of PF Chang? ›

    Damola Adamolekun is, quite literally, a man of the world. The P.F. Chang's Chief Executive Officer, son of a neurologist and pharmacist, was born in Nigeria, and raised in Zimbabwe, Amsterdam, Springfield, Ill., and Columbia, Md.

    Read On ›

    What does PF Chang stand for? ›

    What does P.F. Chang's stand for? P.F. Chang's was conceived and developed by Paul Fleming (P.F.) and Philip Chiang (Chang) so both names were incorporated into the name of the concept.

    See More ›
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