Latest Legal News: Finextra Research

MasterCard loses court challenge to EC interchange ruling

An EU court has dismissed MasterCard's challenge against a European Commission ruling that the firm's cross-border interchange fees violated competition law.

24 May 2012

News/Legal

Facebook IPO fallout continues as investor sues Nasdaq OMX

Nasdaq OMX is being sued by an investor over its botched handling of the Facebook IPO, which saw trading delayed and failed order cancellations.

23 May 2012

News/Legal

Norwegian court acquits day traders in algo cracking case

A pair of Norwegian day traders who cracked the algorithms of US broker Timber Hill have been cleared of wrongdoing by the Supreme Court, according to local press reports.

02 May 2012

News/Legal

Soca shuts down 36 sites selling stolen card details

The UK's Serious organised crime agency (Soca) has shut down 36 Web sites used to sell stolen card and bank account details and arrested two men accused of using them.

26 April 2012

News/Legal

SEC charges Brit twins over $1.2m fake stock picking robot scam

The US Securities and Exchange Commission has charged twin brothers from England with using a fake "stock picking robot" to defraud around 75,000 investors out of $1.2 million.

23 April 2012

News/Legal

Judges explain decision to free Goldman programmer

A US Appeals Court says that it overturned the conviction of former Goldman Sachs programmer Sergey Aleynikov for stealing the bank's propriety HFT code because such code is "intangible property" and so not covered by the laws he was charged under.

12 April 2012

News/Legal

USAA alleges that Mitek ripped off its remote deposit capture technology

Online army bank USAA has filed suit against cheque imaging outfit Mitek, alleging that the vendor stole its trade secrets and technology when developing its remote mobile deposit capture system.

11 April 2012

News/Legal

T-Mobile USA hit with NFC patent suit

T-Mobile USA has been slapped with a near field communications-related patent infringement lawsuit by On Track Innovations (OTI).

28 March 2012

News/Legal

Awol soldier duped Citi into handing over Microsoft co-founder's debit card - FBI

An Awol US soldier managed to convince Citi in a conversation over the phone that he was Paul Allen and tricked the bank into sending him a debit card in the Microsoft co-founder's name.

28 March 2012

News/Legal

Deutsche Börse to sue European Commission over merger block

Deutsche Börse is to sue the European Commission over its decision to block a proposed $9 billion merger with Nyse Euronext.

20 March 2012

News/Legal

Banks pay $25m to settle New York electronic mortgage system claims

Bank of America, JPMorgan Chase, Wells Fargo, Citi and Ally Financial have agreed to pay a total of $25 million to New York State over their use of the privately-owned national mortgage electronic registry system (Mers).

14 March 2012

News/Legal

Police arrest man over 18-month online banking fraud at top UK bank

UK police investigating an 18 month-long online banking fraud have arrested a man in connection with computer misuse offences.

13 March 2012

News/Legal

Bitcoin exchange TradeHill sues Dwolla

TradeHill, the Bitcoin exchange operator which closed down last month, has filed a lawsuit against digital payments outfit Dwolla, seeking $2 million in damages.

07 March 2012

News/Legal

Threadneedle says systems blocked $150m rogue trade

UK asset manager Threadneedle called in police last year after its internal systems blocked a suspicious trade worth $150 million.

22 February 2012

News/Legal

Goldman programmer's conviction for stealing HFT code overturned

Former Goldman Sachs programmer Sergey Aleynikov has had his conviction for stealing the bank's propriety high-frequency trading code overturned by a federal appeals court.

17 February 2012

News/Legal

Crooks caught on CCTV use tractor to rip ATM out of bank wall

Police are on the hunt for thieves who used a tractor to drag a cash machine out of the wall of a NatWest branch in Bingham, Nottinghamshire and drove off with it.

07 February 2012

News/Legal

New York sues banks over use of electronic mortgage system

The New York Attorney general has charged three of the nation's biggest banks - Bank of America, JPMorgan Chase and Wells Fargo - with using the privately-owned national mortgage electronic registry system (Mers) to illegaly bring foreclosure proceedings against home owners who had defaulted on their loans.

06 February 2012

News/Legal

New York Fed contractor charged with stealing Treasury code

US authorities have charged a computer programmer with stealing proprietary software code from the Federal Reserve Bank of New York, where he was working as a contractor.

19 January 2012

News/Legal

PCI security standards in the dock

A legal challenge to the payment card industry's PCI security standards is brewing in the US, as a Utah-based restaurant chain cries foul over the apparently "arbitrary" nature of the system and the level of fines imposed by Visa and MasterCard following an alleged breach of security.

12 January 2012

News/Legal

Man arrested over $1.5m New York ATM skimming scam

A Romanian man has been arrested in New York, accused of being part of a gang that installed skimming devices on more than 40 HSBC ATMs before stealing at least $1.5 million from customer accounts.

09 January 2012