Latest Legal News: Finextra Research

Tesco Bank facing £30m fine over cyber breach

The UK's banking watchdog is threatening to charge Tesco Bank £30m for its failure to prevent a cyber attacks that affected thousands of customers in 2016.

25 September 2018

Company update/Legal

Fintech lobby group opens North American division

The Financial Data and Technology Association (FDATA), which played a pivotal role over the last five years in crafting the design and implementation of open banking standards in the United Kingdom and in Europe, announced today the launch of a North American arm, FDATA North America.

21 September 2018

News/Legal

Outage fever strikes UK banks

A spate of online banking glitches has hit the UK's leading high street banks, leading inevitably to discussions of resilience and operational risk in the industry.

21 September 2018

Company update/Legal

Crypto exchange IronX awarded licence in Estonia

IronX, the new Crypto Exchange joint venture between leading global online broker IronFX Group and EmurgoHK, creator of the Cardano Blockchain, today announces it has been awarded full regulatory licence approval by the Estonian Financial Intelligence Unit (FIU).

20 September 2018

News/Legal

Crypto exchanges’ legal status questioned in NY

New York’s Attorney General (AG) has reported three crypto exchanges to the state’s regulator for possible violations of digital currency violations.

19 September 2018

News/Legal

Danske Bank boss quits over money laundering scandal

The CEO of Danske Bank, Thomas Borgen, is to step down following allegations that the Danish bank laundered billions of mostly Russian cash through its Estonian branch.

19 September 2018

Company update/Legal

Mastercard settles US merchant class-action suit

Mastercard has reached an agreement to settle monetary damages claims in the U.S. merchant class-action litigation

18 September 2018

News/Legal

Abu Dhabi opens digital sandbox

Abu Dhabi Global Markets (ADGM), the emirate's international financial centre, has further underlined its fintech ambitions with the launch of a digital sandbox.

18 September 2018

News/Legal

New York sues the OCC over fintech charter rule

New York state has filed a lawsuit against the US Office of the Comptroller of the Currency (OCC) over a decision to allow fintech companies to apply for national banking charters.

17 September 2018

News/Legal

US charges North Korean over Bangladesh Bank hack

The US justice department has charged an alleged North Korean spy with a host of high-profile cyberattacks, including the $81 million Bangladesh Bank hack.

06 September 2018

News/Legal

Traders under the #MeToo spotlight

Banks are increasingly turning to monitoring software in order to eradicate inappropriate behaviour on the trading floor.

29 August 2018

Company update/Legal

Adaptive appoints new non-exec directors

Adaptive, a software consultancy specialising in real-time trading systems, has selected senior investment banking and legal non-exec directors to sit on its board.

29 August 2018

News/Legal

UK and EU banks plan early warning systems

Both UK and European banks are separately looking at projects to design an early warning system using market data to mitigate the threat of major misconduct or the beginning of the next financial crisis.

28 August 2018

Company update/Legal

CFTC wins cryptocurrency court case

A New York federal court entered final judgment ordering Patrick K. McDonnell of Staten Island, New York, and CabbageTech, Corp. d/b/a Coin Drop Markets (CDM), McDonnell’s New York-based company, to pay over $1.1 million in civil monetary penalties and restitution in connection with a lawsuit brought by the Commodity Futures Trading Commission (CFTC) alleging fraud in connection with virtual currencies, including Bitcoin and Litecoin.

24 August 2018

Company update/Legal

Diebold Nixdorf prevails in patent dispute

Diebold Nixdorf (NYSE: DBD) announced today that the U.S. Court of Appeals for the Federal Circuit reversed the decision issued by the International Trade Commission (ITC) against the company in a patent dispute against Nautilus Hyosung.

16 August 2018

News/Legal

Fin7 cybergang suspects arrested

US authorities have charged three Ukrainians accused of being members of Fin7, a notorious cybergang believed to have hacked into the systems of over 100 American companies, stealing millions of card details from thousands of POS terminals.

03 August 2018

News/Legal

Bank hacked twice in a year, sues insurer

The National Bank of Blacksburg is suing an insurance firm over payouts related to two phishing attacks in the space of a few months which saw crooks steal more than $2.4 million.

24 July 2018

News/Legal

FS giants in rush for blockchain patents

The great blockchain patent chase continues apace, with Barclays, Mastercard and American Express all filing applications in recent weeks.

20 July 2018

Company update/Legal

Former State Street EVP convicted over scheme to defraud insitutional investors

A former executive vice president of State Street Bank & Trust was convicted today by a federal jury in Boston in connection with engaging in a scheme to defraud at least six of the bank’s clients through secret commissions applied to billions of dollars of securities trades.

27 June 2018

News/Legal

Trainee trader sues UK broker for £10m over trading platform mix-up

A French day trader is suing UK broker Valbury Capital after it voided the €10m profit he had accrued using what he thought was a demo version of its trading software but which turned out be a live account.

22 June 2018