Latest Legal News: Finextra Research

Basel Committee calls for financial market shock treatment

Financial regulators will push banks to overhaul risk management practices and improve liquidity cushions as part of a series of measures aimed at making the global banking system more resilient to "financial shocks" such as the credit crunch.

17 April 2008

News/Legal

French and German banks mulling rival to Visa and MasterCard - reports

A group of major French and German banks are looking to establish a pan-European card network that will compete with schemes operated by Visa and MasterCard in the region, according to press reports.

16 April 2008

News/Legal

Call centre worker gaoled for data theft

A former Royal Bank of Scotland (RBS) call centre worker has been gaoled for his part in a data theft scam that resulted in the theft of £33,585 from seven customer accounts.

14 April 2008

News/Legal

Lending Club shuts down P2P loans

US person-to-person (P2P) network Lending Club has stopped accepting new loans and lender registrations on its platform as it looks to register its business with securities authorities.

14 April 2008

News/Legal

TSX and Pure Trading settle intellectual property suit

The Toronto Stock Exchange (TSX) says it has settled an intellectual property lawsuit it filed against the parent company of rival upstart bourse Pure Trading.

11 April 2008

News/Legal

SEC reports account hijacking and ID theft scam

The US Securities and Exchange Commission (SEC) says it has shut down an account hijacking scam involving a fictitious Latvian brokerage firm and a job advertisement on the Craig's List Web site that netted fraudsters more than $66,000 in just seven weeks.

08 April 2008

News/Legal

Bank of America awarded patent for corporate card technology

Bank of America has been granted a patent for a new application that will enable clients to manage the available funds on corporate purchasing cards in real time.

03 April 2008

News/Legal

European securities depositories to launch settlement venture

A group of seven European central securities depositories (CSDs) are gearing up to launch a joint venture aimed at cutting settlement costs across the region in accordance with the European Commission's voluntary code of conduct.

01 April 2008

News/Legal

Fed warns of persistent processing problems in OTC derivatives market

Despite moves by the largest credit derivatives dealers to clear settlement backlogs, the major volume surges in mid-2007 showed that "processing challenges" still persist in the over the counter derivatives (OTC) markets, says The Federal Reserve Bank of New York.

01 April 2008

News/Legal

Computer programmer gaoled for insider ATM fraud scam

A former computer programmer at Alabama-based Compass bank has been sentenced to 42 months in gaol after he stole a hard drive containing around one million customer records and used the data to create counterfeit cards and withdraw money at ATMs.

28 March 2008

News/Legal

Customers cash in on 'double your money' ATM

Hundreds of people flocked to a faulty Payzone ATM in the UK city of Hull last week after it started dispensing twice the amount of cash keyed in for withdrawals.

26 March 2008

News/Legal

EC launches probe into Visa Europe interchange fees

The European Commission (EC) has launched a formal investigation into the interchange fees charged by Visa for cross-border card transactions.

26 March 2008

News/Legal

ICE claims victory in Nymex copyright case

US market operator IntercontinentalExchange (ICE) is claiming victory in a long-running legal battle with the New York Mercantile Exchange (Nymex) over the use of the latter's settlement prices.

18 March 2008

News/Legal

MasterCard claims court ruling 'reaffirms legality of interchange'

MasterCard has praised the decision of a US appeals court to dismiss an interchange fee lawsuit brought by a group of merchants, saying the ruling reaffirms the "legality" of the current fee structure.

14 March 2008

News/Legal

Poker playing brothers facing gaol over ATM scam

A Glasgow court has heard how two professional poker players exploited a glitch in HBOS ATM machines to steal over £150,000 with the intention of funding a gambling spree in Las Vegas.

12 March 2008

News/Legal

Money launderers abusing m-payments networks, US warns

The rise in mobile banking and payment networks across the world is creating new opportunities for money laundering and terrorist financing, according to a report by the US Department of State.

12 March 2008

News/Legal

FSA warns on rogue trader risks

The UK's Financial Services Authority (FSA) is calling on City banks to tighten up systems and controls in order to prevent a repeat of the rogue trading scandal at French bank Société Générale.

11 March 2008

News/Legal

Payzone shareholders vote to remove Nagle and Williamson

Shareholders in Irish e-payments outfit Payzone have voted to remove CEO John Nagle and CFO John Williamson from the company at an extraordinary general meeting (EGM) held in Dublin.

11 March 2008

News/Legal

New intelligence unit created to fight banking fraud

A new intelligence division is being established within the Dedicated Cheque and Plastic Crime Unit - which was set up by UK payments association Apacs and the Home Office to fight card crime - that will address all types of banking fraud.

10 March 2008

News/Legal

LCH.Clearnet backs down on SIS x-clear access

LCH.Clearnet has backed down in its stand-off with Swiss central counterparty SIS x-clear over free access to the London Stock Exchange's equity business as required under the EC's voluntary code of conduct but has attacked European rivals for failing to cooperate.

10 March 2008