Latest Legal News: Finextra Research

Russian accused of running carding forum extradited to US

A Russian man accused of running a website selling stolen payment card details has been extradited from Israel to the US.

15 November 2019

News/retail

Jury tells Wells Fargo to pay USAA $200m over cheque imaging patent infringement

A Texas jury has found that Wells Fargo wilfully infringed on remote deposit capture patents held by USAA, awarding the online military bank $200 million in damages.

07 November 2019

News/Legal

OneCoin scam renews calls for crypto regulation

The trial of crypto scam OneCoin's lawyer has renewed calls for robust regulation of cryptocurrency to address weaknesses of "human failure and human criminality".

06 November 2019

News/regulation

Regtech zooms in on the severe penalties of 6AMLD

The European Union’s Sixth Anti-Money Laundering Directive (6AMLD) is due to take effect on 3rd December 2020 and brings with it a suite of substantial penalties for non-compliance. Here’s what you need to be aware of in the run up to the fast-approaching deadline.

25 October 2019

News/Legal

Sibos 2019: How to bank sustainably for a better world

The fourth and final day of Sibos 2019 in London focused on sustainability and climate risk finance, with Sir Roger Gifford, chair of the Green Finance Institute, kicking off talks on the Spotlight stage.

26 September 2019

News/security

Russian man pleads guilty to JPMorgan Chase hack

A Russian man has pleaded guilty to taking part in a massive computer hacking campaign targeting JPMorgan Chase and other US banks, brokerage firms and financial news publishers.

25 September 2019

News/payments

Square sues San Francisco for tax refund; says was misclassified as FS business

Square is suing San Francisco for a $1.27 million tax refund, arguing that the city incorrectly classified the payments company's business as "financial services" rather than "information".

11 September 2019

News/Legal

Chinese official voices digital coin plans

More details have emerged around China's plans to issue its own digital coin following a lecture given by a senior official at the central bank.

06 September 2019

News/cloud

Capital One suspect indicted

Seattle-based software engineer Paige Thompson faces up to 25 years in prison after being indicted on two counts related to the Capital One data breach that affected 106 million customers.

29 August 2019

News/Legal

Bitcoin 'inventor' ordered to pay $5bn

An Australian IT security consultant who claims to have invented the virtual currency bitcoin has been ordered by a US judge to hand over more than half of his bitcoin holdings, estimated to be in the region of $5bn, to the estate of his alleged former business partner.

28 August 2019

News/Legal

FinApps hits Envestnet/Yodlee with $100 million lawsuit

Fintech startup Financial Apps is suing former partner Envestnet/Yodlee, claiming that the latter ripped off FinApps' proprietary code to release its own product.

09 August 2019

News/security

Cryptocurrency investor who lost $24 million in SIM swap attack to have his day in court

A federal judge has refused to dismiss a $224M lawsuit against telecom giant AT&T for a SIM swap attack that led to $24 million in stolen cryptocurrency.

25 July 2019

News/security

KeyCorp alleges $90m fraud by payrolls processor

KeyCorp has accused a business customer of fraudulently initiating wire transfers that could cost the American regional bank up to $90 million.

17 July 2019

News/Legal

Wells Fargo's Irish arm fined for regulatory breaches

The Irish central bank has issued a record fine to Wells Fargo for reporting failures by its Irish subsidiary, citing the bank's weak IT systems.

05 July 2019

News/Legal

FCA suggests ban on crypto derivatives

The UK's financial services watchdog is proposing a ban on cryptocurrency derivatives for retail investors in order to prevent them incurring large losses in financial instruments they do not understand.

05 July 2019

News/Legal

Former Equifax CIO jailed for insider trading

A former Equifax CIO who sold stock in the company weeks before a massive data breach was made public has been sentenced to four months in prison for insider trading.

02 July 2019

News/Legal

Regulators and politicians respond to Facebook's crypto plans

Regulators, politicians and other crypto players have all responded to yesterday's unveiling of Facebook's Libra project and suggested that the social media giant's digital currency plans may face several challenges.

19 June 2019

News/Legal

UK fintech salaries on the rise - report

Jobs in the UK's fintech sector have grown by 61% in the last year while demand for skilled workers has seen salaries rise by as much as 25% according to a recently published report.

18 June 2019

News/Legal

India to review payments data storage rule

The Indian central bank has been persuaded to reconsider a controversial law that mandates payments data should not be allowed to leave India's borders.

18 June 2019

News/Legal

Facebook reveals digital wallet plan

Social media platform Facebook has unveiled further details of its much-anticipated digital currency offering, which it hopes will transform financial services.

18 June 2019