Legal

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Nate founder charged with fraud over 'AI' shopping app secretly powered by humans

/ai

Nate founder charged with fraud over 'AI' shopping app secretly powered by humans

The founder of an AI-based tool for automating online shopping checkouts has been charged with defrauding investors over claims that the process was actually carried out by human workers in the Philippines.

US justice department disbands crypto fraud team

/crypto

US justice department disbands crypto fraud team

The US Department of Justice is disbanding its national cryptocurrency enforcement team.

Earned wage access fintech DailyPay sues NY AG: Rain raises $75 million

/regulation

Earned wage access fintech DailyPay sues NY AG: Rain raises $75 million

DailyPay has sued New York Attorney General Letitia James over efforts to apply usury laws to the earned wage access sector.

Frank founder Javice found guilty of defrauding JPMorgan

/startups

Frank founder Javice found guilty of defrauding JPMorgan

Charlie Javice, founder of student financial aid assistance company Frank, has been found guilty of defrauding JPMorgan Chase in its $175 million acquisition.

Galaxy Digital reaches $200m settlement over Luna token

/crypto

Galaxy Digital reaches $200m settlement over Luna token

Galaxy Digital has reached a $200 million settlement with the New York Attorney General (NYAG) over claims the crypto investing company promoted the now collapsed Luna digital asset without disclosing its interest in the token.

Santander scores victory in APP fraud retrieval case

/security

Santander scores victory in APP fraud retrieval case

Santander has scored a significant High Court victory in a push payment fraud case over its responsibility to return £415,000 that was sent to a scam account.

/wholesale

Level raises £105 million in debt and equity financing

Level, an FCA regulated, non-bank lender, specialising in the probate, family law and private client sectors, has raised £105 million in a combination of equity from Capricorn Capital and a senior secured facility from Pollen Street Capital.

Appeals court rules Capital One hacker's sentence was too light

/people

Appeals court rules Capital One hacker's sentence was too light

A US appeals court has overruled the sentence given to the hacker behind the huge 2019 Capital One data breach, saying it was too lenient.

/payments

ABA, others seek court ruling in Illinois interchange fees lawsuit

The American Bankers Association today joined other plaintiffs in filing a motion for summary judgment in a lawsuit challenging an Illinois law restricting interchange fees, pointing to the court’s previous finding that the plaintiffs were likely to succeed on their argument that federal law preempts the state law.

Revolut and Visa file legal challenges over PSR's plan to cap fees

/payments

Revolut and Visa file legal challenges over PSR's plan to cap fees

Revolut and Visa have filed legal challenges against the Payment Systems Regulator over the UK watchdog's decision to cap interchange fees on cross-border online payments, according to the Financial Times.

CFPB drops suit against JPMorgan, BofA and Wells Fargo over Zelle fraud

/regulation

CFPB drops suit against JPMorgan, BofA and Wells Fargo over Zelle fraud

The Consumer Financial Protection Bureau has dropped a lawsuit against JPMorgan Chase, Bank of America and Wells Fargo which had accused the banks of allowing fraud to "fester" on P2P payments platform Zelle.

SEC drops another crypto case

/crypto

SEC drops another crypto case

The main financial regulator in the US has dropped its investigation against a crypto exchange, adding further credence to the notion that there has been a seismic shift in the US's regulation of decentralised finance (DeFi).

SEC drops Robinhood Crypto investigation

/crypto

SEC drops Robinhood Crypto investigation

Robinhood says the Securities and Exchange Commission is ditching its investigation into the trading app's crypto arm.

Frank founder's trial begins over JPMorgan deal

/retail

Frank founder's trial begins over JPMorgan deal

The criminal trial against Charlie Javice for allegedly defrauding JP Morgan Chase into buying her fintech Frank, has begun.

UK court approves $200m Mastercard settlement

/payments

UK court approves $200m Mastercard settlement

Mastercard's £200 million settlement of a class action lawsuit brought on behalf of British consumers has been given the greenlight by the Competition Appeal Tribunal.

Coinbase says SEC has agreed to drop enforcement case

/crypto

Coinbase says SEC has agreed to drop enforcement case

Coinbase is claiming victory in its long-running tussle with the Securities Exchange Commission, stating that the regulator has agreed to drop its enforcement case against the crypto firm.

Central bank digital currencies: What’s really in them for banks?

/Legal

Central bank digital currencies: What’s really in them for banks?

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Ex-Kuda exec alleges sex discrimination and unfair dismissal

/people

Ex-Kuda exec alleges sex discrimination and unfair dismissal

A former executive at African digital bank Kuda has filed a case with the UK Employment Tribunal accusing the firm and CEO Babatunde Ogundeyi of sex discrimination, victimisation, and unfair dismissal.

Union files suit over CFPB shutdown

/regulation

Union files suit over CFPB shutdown

A labour union has filed lawsuits against Consumer Financial Protection Bureau acting director Russell Vought after he ordered staff to halt much of the watchdog's activities.

/startups

Westpac invests in Lawpath

Westpac today announced an investment in legal and business services provider, Lawpath, and an exclusive partnership to support startups and small-to-medium sized businesses.

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