Latest Legal News: Finextra Research

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

News/Legal

Fiserv units file patent suit against FIS

Fiserv payment subsidiaries CheckFree and CashEdge have filed a patent infringement lawsuit against rival FIS and its Metavante unit.

06 January 2012

News/Legal

US Bank settles cheque imaging patent case

US Bank has settled a patent infringement lawsuit relating to cheque processing technology with DataTreasury.

03 January 2012

News/Legal

Court dismisses Heartland data breach claims

A US judge has dismissed most claims brought by a group of banks against Heartland Payment Systems over a massive data breach that exposed millions of credit card details in 2007.

14 December 2011

News/Legal

Serverside scents victory in US card patent cases

UK card design outfit Serverside has won the second dismissal in a patent infringement suit brought against 15 US credit unions and technology suppliers.

07 December 2011

News/Legal

AIB settles with Oracle over bungled Flexcube implementation

AIB has reached an out-of-court settlement with Oracle over a bungled core banking implementation that the Irish bank claimed had cost it EUR84 million in "wasted expenditure".

25 November 2011

News/Legal

Another US firm sues bank after cyber-attack

A US title insurance firm that lost more than $200,000 after cybercrooks using the Zeus Trojan accessed its online account, is suing its bank, accusing it of lax security.

15 November 2011

News/Legal

Trojan gang leaders jailed

The ring leaders of a criminal gang that used a Trojan to steal nearly £3 million from bank accounts have been jailed.

01 November 2011

News/Legal

Wedbush Securities sues Liquidnet over trade secrets

Wedbush Securities is suing two former employees and dark pool operator Liquidnet for allegedly stealing trade secrets related to a new private shares trading business.

21 October 2011