Latest Legal News: Finextra Research

New York sues Celsius founder Mashinsky

New York's attorney general has filed a civil lawsuit against the founder of bankrupt Celsius Network, Alex Mashinsky, alleging that he defrauded hundreds of thousands of investors out of billions of dollars worth of cryptocurrency.

06 January 2023

News/people

FTX's Bankman-Fried pleads not guilty

Sam Bankman-Fried has pleaded not guilty to eight criminal charges related to the collapse of FTX, the cryptocurrency exchange he founded.

03 January 2023

News/payments

Wirecard charge sheet will take five hours to read out as CEO Braun gets his day in court

The charge sheet against former Wirecard boss Marcus Braun and two other executives runs to 474 pages and will take five hours to read out, in a Munich court case that opens today and is expected to last for a more than a year.

08 December 2022

News/regulation

AmEx faces Australian lawsuit over card distribution laws

Australia's securities regulator is taking American Express to court, accusing the firm of issuing credit cards without making sure that customers understood them.

07 December 2022

News/payments

Court dismisses Mastercard appeal against £14 billion class action lawsuit

A £14 billion class action lawsuit against Mastercard interchange fees has moved a step closer to trial following a failed last ditch attempt by the card scheme to derail the claim.

29 November 2022

News/crypto

Estonian men arrested over $575m crypto fraud

Police have arrested two men in Estonia in connection with a $575 million cryptocurrency fraud and money laundering scheme.

23 November 2022

News/crypto

New FTX CEO slams 'complete failure of corporate controls'

John Ray, the man who took over at Enron after its collapse and is now in charge of FTX has blasted his predecessor at the failed crypto exchange, Sam Bankman-Fried, declaring in court filings that he has never "seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information".

17 November 2022

News/retail

London crook jailed for card fraud

A London man has been sentenced to two and a half years in prison for a £280,000 fraud scam.

11 November 2022

News/crypto

US authorities seize 50,000 bitcoin related to Silk Road

US authorities say they have seized more than 50,000 bitcoins - now valued at around $1 billion - related to the Silk Road dark web marketplace.

07 November 2022

News/crypto

Visa files metaverse and NFT trademark applications

Visa has filed two trademark applications related to the metaverse, non-fungible tokens and digital currency wallets.

01 November 2022

News/crime

EBA publishes fraud taxonomy

The Euro Banking Association (EBA) has made its payment fraud taxonomy available to the public in a bid to curb the rising threats to the European payments system.

28 October 2022

News/regulation

Bunq wins AML case against Dutch Central Bank

Dutch challenger bank Bunq has hailed a "landmark" verdict in the Dutch courts over the use of artificial intelligence (AI) for anti-money laundering processes.

18 October 2022

News/payments

Mastercard and Visa face UK corporate card interchange class action suit

Visa and Mastercard are facing a class action lawsuit in the UK seeking compensation for businesses charged Multilateral Interchange Fees (MIFs) for accepting payments using corporate credit cards.

03 October 2022

News/regulation

Morgan Stanley, Goldman Sachs, among banks fined $1.1 billion by SEC

16 of Wall Street’s largest financial institutions been charged to pay a combined $1.1 billion to US regulators for not monitoring unauthorised employee messaging, announced the Securities and Exchange Commission (SEC) on Tuesday.

28 September 2022

News/crypto

FTX wins $1.4bn auction for Voyager Digital assets

FTX has won the auction for the assets of bankrupt crypto lender Voyager Digital with a bid worth just over 1.42 billion.

28 September 2022

News/regulation

UK government launches fraud and money laundering crackdown

The UK government has announced plans to rolled out reforms to protect the economy from fraud and money laundering.

23 September 2022

News/regulation

Indonesian anti-trust agency investigates unfair Google app payments

Indonesian watchdog KPPU is investigating Google for breaching anti-monopoly laws and carrying out unlawful business practices on the Google Play Store.

16 September 2022

News/payments

Citi wins appeal over $500m funds transfer gaffe

A federal appeals court has overturned a decision to let creditors keep more than half a billion dollars that banking giant Citi sent to them by mistake.

12 September 2022

News/security

Starling responds to UK Govt's report on suspected BBLS fraud

UK Government has confirmed that of the £47 billion provided in loans through the Bounce Back Loan (BBL) scheme, £1.1 billion of these loans are suspected to be fraudulent.

07 September 2022

News/people

Hong Kong to introduce subsidies to attract fintechs

The Hong Kong government is set to bring in a number of financial incentives to address what has been termed as a skills shortage, especially in terms of the fintech sector.

05 September 2022