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Legal

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UBS files code theft lawsuit

UBS files code theft lawsuit

In an incident with striking parallels to the recent Goldman Sachs code theft case, it now emerges that UBS in March filed a lawsuit against three former quant traders alleging that they stole proprietary algorithmic trading software with the intent of using it at their new employer, Jefferies.

14 July 2009

Guatemalan Twitterer accused of causing financial panic escapes trial

Guatemalan Twitterer accused of causing financial panic escapes trial

A Guatemalan looks to have escaped trial for inciting financial panic with a tweet, after an appeals court found insufficient evidence to try him, according to Associated Press.

10 July 2009

Citadel sues ex-staff for contract breach; raises code-theft spectre

Citadel sues ex-staff for contract breach; raises code-theft spectre

Citadel Investment Group is suing three former employees who set up Teza Technologies, the firm that became embroiled in the Goldman Sachs code theft case this week, for violating a non-compete agreement.

10 July 2009

Morgan Stanley ops manager cops a plea in $2.5 million fraud case

Morgan Stanley ops manager cops a plea in $2.5 million fraud case

A former operations manager responsible for payments processing at Morgan Stanley's institutional securities business is to plead guilty to stealing $2.5 million from the US investment bank over a seven-year period.

10 July 2009

New Jersey street gangs gravitating to hi-tech cheque fraud

New Jersey street gangs gravitating to hi-tech cheque fraud

Several members of the New Jersey Bloods street gang have been arrested by authorities, accused of using laptops and digital cameras to create counterfeit cheques worth $654,000.

08 July 2009

Deutsche Bank faces probe over alleged snooping operation

Deutsche Bank faces probe over alleged snooping operation

An investigation commissioned by Deutsche Bank has revealed that Germany's largest bank spied on several of its management board members, supervisory board members and on at least one shareholder, according to German magazine Der Spiegel.

07 July 2009

FBI nabs programmer accused of stealing trading code

FBI nabs programmer accused of stealing trading code

A Russian computer programmer has been arrested by the FBI, accused of stealing proprietary trading code from the New York-based financial institution he used to work for.

06 July 2009

China bans use of virtual cash for trade in the wider economy

China bans use of virtual cash for trade in the wider economy

China has banned the use of virtual currency in the trade of real goods and services in a bid to limit its possible impact on the financial system.

30 June 2009

TJX agrees $9.75m settlement with US states

TJX agrees $9.75m settlement with US states

Retail giant TJX has agreed to pay around $9.75 million as part of a settlement with a group of 41 state attorneys general investigating the massive security breach at its operations that resulted in the theft of millions of credit and debit card numbers.

25 June 2009

Gang arrested for buying own music online with stolen cards

Gang arrested for buying own music online with stolen cards

UK police have arrested nine people accused of using stolen credit cards to buy music they made themselves from iTunes and Amazon, fraudulently netting around $300,000 in royalties.

11 June 2009

US authorities push interchange negotiation bill

US authorities push interchange negotiation bill

US lawmakers are seeking to pass legislation that would give retailers a seat at the negotiating table with banks and credit card companies over interchange fee levels.

05 June 2009

Western Union wins ruling in dispute with Arizona over wire transfer seizures

Western Union wins ruling in dispute with Arizona over wire transfer seizures

US money transfer outfit Western Union has hailed a Supreme Court judgement that Arizona exceeded its authority in attempting to seize wire transfers sent from other states to locations in Mexico.

04 June 2009

Plus and London Stock Exchange settle AIM dispute

Plus and London Stock Exchange settle AIM dispute

Plus Markets has dropped its legal action over restrictions on trading in stocks listed on the junior AIM market, after reaching an out-of-court settlement with the London Stock Exchange.

29 May 2009

Judge backs Experian over LifeLock's 'unfair business practices'

Judge backs Experian over LifeLock's 'unfair business practices'

A US judge has ruled that LifeLock - which operates an ID theft prevention service - has been employing unfair business practices by placing fraud alerts on customer credit files it maintains.

28 May 2009

Bank teller corruption link to multi-million dollar NY cheque fraud scam

Bank teller corruption link to multi-million dollar NY cheque fraud scam

New York prosecutors have indicted 18 people for operating an identity theft and bank fraud scheme that saw counterfeit cheques used to steal at least $1.4 million from hundreds of victims.

28 May 2009

Savvis faces bank lawsuit over CardSystems data breach

Savvis faces bank lawsuit over CardSystems data breach

Merrick Bank has launched a multi-million dollar lawsuit against Savvis, accusing the vendor of erroneously telling it that CardSystems Solutions complied with Visa and MasterCard security regulations less than a year before the payment processor's systems were hacked, compromising up to 40 million credit card accounts.

26 May 2009

Fraudster bank worker's code cracked by scout handbook

Fraudster bank worker's code cracked by scout handbook

A bank worker who tried to steal £1.2 million using customer details nabbed from his employer's computer system, was caught after police used a scouting handbook to crack his code, a court has heard.

22 May 2009

NZ couple on the lam after Westpac mistakenly gives them NZ$10m

NZ couple on the lam after Westpac mistakenly gives them NZ$10m

New Zealand police and Interpol are hunting a couple who are believed to have fled the country after Westpac mistakenly deposited NZ$10 million into their bank account.

21 May 2009

Barclays worker jailed for stealing £455,000 from Lloyds chairman

Barclays worker jailed for stealing £455,000 from Lloyds chairman

A Barclays worker has been sentenced to three years in prison for helping to steal £455,000 from the account of Victor Blank, chairman of rival bank Lloyds.

20 May 2009

New York ATM skimming gang steals $500,000

New York ATM skimming gang steals $500,000

New York police are on the hunt for a gang of thieves accused of using ATM skimming technology to steal account details and PIN numbers before withdrawing over $500,000.

13 May 2009