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JPMorgan Chase sues founder of startup it acquired

/retail

JPMorgan Chase sues founder of startup it acquired

JPMorgan Chase is suing the founder of a college financial planning platform it acquired for $175 million, accusing her of creating a list of millions of fake users to get the deal completed.

New York sues Celsius founder Mashinsky

/people

New York sues Celsius founder Mashinsky

New York's attorney general has filed a civil lawsuit against the founder of bankrupt Celsius Network, Alex Mashinsky, alleging that he defrauded hundreds of thousands of investors out of billions of dollars worth of cryptocurrency.

JPMorgan must face Ray-Ban lawsuit over cyber theft

/security

JPMorgan must face Ray-Ban lawsuit over cyber theft

A New York judge has ruled that JPMorgan Chase must face a lawsuit from the French manufacturer of Ray-Ban glasses, which argues that the bank failed to stop suspicious transactions after cybercriminals looted $272 million from its account.

FTX's Bankman-Fried pleads not guilty

/people

FTX's Bankman-Fried pleads not guilty

Sam Bankman-Fried has pleaded not guilty to eight criminal charges related to the collapse of FTX, the cryptocurrency exchange he founded.

Wirecard charge sheet will take five hours to read out as CEO Braun gets his day in court

/payments

Wirecard charge sheet will take five hours to read out as CEO Braun gets his day in court

The charge sheet against former Wirecard boss Marcus Braun and two other executives runs to 474 pages and will take five hours to read out, in a Munich court case that opens today and is expected to last for a more than a year.

AmEx faces Australian lawsuit over card distribution laws

/regulation

AmEx faces Australian lawsuit over card distribution laws

Australia's securities regulator is taking American Express to court, accusing the firm of issuing credit cards without making sure that customers understood them.

Court dismisses Mastercard appeal against £14 billion class action lawsuit

/payments

Court dismisses Mastercard appeal against £14 billion class action lawsuit

A £14 billion class action lawsuit against Mastercard interchange fees has moved a step closer to trial following a failed last ditch attempt by the card scheme to derail the claim.

Estonian men arrested over $575m crypto fraud

/crypto

Estonian men arrested over $575m crypto fraud

Police have arrested two men in Estonia in connection with a $575 million cryptocurrency fraud and money laundering scheme.

New FTX CEO slams 'complete failure of corporate controls'

/crypto

New FTX CEO slams 'complete failure of corporate controls'

John Ray, the man who took over at Enron after its collapse and is now in charge of FTX has blasted his predecessor at the failed crypto exchange, Sam Bankman-Fried, declaring in court filings that he has never "seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information".

/regulation

ADGM takes mediation to the metaverse

The ADGM Arbitration Centre, the state-of-the-art hearing facility for arbitration and mediation situated in the international financial centre of the UAE’s capital, has launched a world’s-first service that hosts mediation in the metaverse.

London crook jailed for card fraud

/retail

London crook jailed for card fraud

A London man has been sentenced to two and a half years in prison for a £280,000 fraud scam.

US authorities seize 50,000 bitcoin related to Silk Road

/crypto

US authorities seize 50,000 bitcoin related to Silk Road

US authorities say they have seized more than 50,000 bitcoins - now valued at around $1 billion - related to the Silk Road dark web marketplace.

Visa files metaverse and NFT trademark applications

/crypto

Visa files metaverse and NFT trademark applications

Visa has filed two trademark applications related to the metaverse, non-fungible tokens and digital currency wallets.

EBA publishes fraud taxonomy

/crime

EBA publishes fraud taxonomy

The Euro Banking Association (EBA) has made its payment fraud taxonomy available to the public in a bid to curb the rising threats to the European payments system.

/crime

CBA launches financial crime academy

A new academy focused on tackling financial crime will be formed under a partnership agreement between Griffith University and the Commonwealth Bank of Australia (CBA).

Bunq wins AML case against Dutch Central Bank

/regulation

Bunq wins AML case against Dutch Central Bank

Dutch challenger bank Bunq has hailed a "landmark" verdict in the Dutch courts over the use of artificial intelligence (AI) for anti-money laundering processes.

/payments

Shieldpay and Case Pilots join forces to provide digital class action compensation payments

Shieldpay, the market leading fintech solving complex B2B payments, has today announced its partnership with Case Pilots, an acclaimed provider of claims administration services, to integrate Shieldpay’s digital mass disbursements payment service into Case Pilots’ legaltech solution.

/Legal

'FinAccelerate Empowered by Jones Day' announces selected cohort companies for 2022

The global law firm Jones Day today announced the admission of 21 cohort companies that will participate in its FinAccelerate Empowered by Jones Day accelerator program taking place October 25-27.

Mastercard and Visa face UK corporate card interchange class action suit

/payments

Mastercard and Visa face UK corporate card interchange class action suit

Visa and Mastercard are facing a class action lawsuit in the UK seeking compensation for businesses charged Multilateral Interchange Fees (MIFs) for accepting payments using corporate credit cards.

SaaS: The case for building a new banking business model

/Legal

SaaS: The case for building a new banking business model

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