Latest Legal News: Finextra Research

Madoff's director of operations arrested

Daniel Bonventre, the director of operations at Bernard Madoff's company has been arrested on charges of falsifying accounts to hide his boss's multi-billion dollar fraud.

26 February 2010

News/Legal

MShift files m-banking patent infringement suit against Digital Insight

US m-banking supplier MShift has launched a patent infringement suit against Intuit subsidiary Digital Insight Corporation and users of its mobile banking technology platform. Community Trust Financial Corporation and Community Trust Bank are named as co-defendants.

23 February 2010

News/Legal

Canadian crooks compromise card terminals

The debit cards of hundreds of people in the Canadian city of Windsor have been compromised after crooks tampered with payment terminals in fast food joints, installing Bluetooth technology into the PIN Pads and wirelessly downloading account information.

18 February 2010

News/Legal

BofA wins cybersquatting judgement

Bank of America has won a court judgement against a cyber-squatter who snapped up the domain names "bofaml.com" and "mlbofa.com" in 2008 in a bid to cash in on the bank's merger with Merrill Lynch.

18 February 2010

News/Legal

Cash management firm boss charged with stealing $12m from client bank's ATMs

The president of a US cash management company has been arrested on charges of defrauding a bank for which it replenishes ATMs of around $12 million.

17 February 2010

News/Legal

Iceman gets 13 years for massive card data theft

A Californian hacker known by the Internet alias 'Iceman' has been sentenced to 13 years in jail for stealing nearly two million credit card numbers.

15 February 2010

News/Legal

UBS algo trading code theft case dropped

UBS has lost its bid to get a permanent injunction against three former quant traders accused of stealing proprietary algorithmic trading software with the intent of using it at their new employer, Jefferies.

15 February 2010

News/Legal

Former Goldman programmer indicted over HFT code theft

Former Goldman Sachs computer programmer Sergey Aleynikov has been indicted on charges related to the theft of propriety code connected to the investment bank's high-frequency trading platform.

12 February 2010

News/Legal

Trading Technologies starts suing again

Litigious US vendor Trading Technologies (TT) has filed patent infringement suits against Cunningham Trading Systems and Interactive Brokers.

05 February 2010

News/Legal

Bank worker jailed for stealing from account of 7/7 victim

An HSBC employee has been sentenced to two years in prison for using the account of a man killed in the 7/7 London bombings to steal thousands of pounds.

29 January 2010

News/Legal

Heartland settlement with Visa prompts lawsuit against acquiring banks

In the wake of Heartland Payment Systems' data breach settlement with Visa, lawyers representing five financial institutions have filed a class action lawsuit against two acquiring banks, claiming they share responsibility for damages caused by the intrusion.

21 January 2010

News/Legal

Mastermind behind DarkMarket forum faces jail after guilty plea

The British citizen behind an online supermarket where thousands of criminals bought and sold credit card and bank details is facing jail after pleading guilty to conspiracy to defraud.

15 January 2010

News/Legal

GPS trackers foil bank robbers

Armed robbers who held up an Illinois bank branch have been scuppered by GPS tracking devices hidden with the stolen cash, according to the Chicago Tribune.

08 January 2010

News/Legal

Deutsche Börse forced to suspend bond e-trading

Deutsche Börse has been forced to suspend trading in Government bonds over the Xetra electronic platform following a legal challenge by two local brokers.

07 January 2010

News/Legal

Perot man charged with insider trading returns $8.6 million

A former Perot Systems employee accused of insider trading by the US Securities and Exchange Commission (SEC), has agreed to return $8.6 million in 'illicit profits'.

06 January 2010

News/Legal

Morgan Stanley wins ruling in $800m Discover case

Morgan Stanley has won a ruling in its lawsuit against Discover Financial Services that could see the card company forced to hand over hundreds of millions of dollars to its former owner.

06 January 2010

News/Legal

EDS IT worker gets nine years for stealing A$3m from BoQ to impress wife

An EDS IT expert who stole nearly A$3 million from the Bank of Queensland - where he worked as a contractor - and then spent it on lavish gifts for his older wife in a bid to impress her, has been sentenced to nine years in jail.

06 January 2010

News/Legal

Heartland hacker faces 17-year stretch

Computer hacker Albert Gonzalez faces a minimum 17-year prison sentence after pleading guilty to a string of cyber-attacks on several firms - including Heartland Payment Systems - that resulted in the theft of tens of millions of payment card details.

04 January 2010

News/Legal

Heartland agrees $3.6 million settlement with America Express

Heartland Payment Systems has agreed to a $3.6 million settlement with American Express relating to the criminal breach of the New jersey-based payments processor in 2008.

18 December 2009

News/Legal

Credit Suisse expects to pay $536m to settle US sanctions probe

Credit Suisse says it expects to pay around $536 million to settle a probe by US authorities into claims it helped process payments in violation of sanctions covering Iran.

16 December 2009