Finextra Research: Latest fintech news, analysis, interviews, features and opinion by industry experts

Visa Europe says close to EC deal on interchange fees

Visa Europe's CEO Peter Ayliffe says he expects to reach an agreement with the European Commission (EC) over interchange fees charged for cross-border card transactions by the end of the year.

20 January 2009

News/Legal

Judge dismisses Alliance Data suit against Blackstone

A US judge has dismissed a lawsuit filed by Alliance Data Systems (ADS) against Blackstone after the private equity group's proposed acquisition of the card processor fell through.

16 January 2009

News/Legal

Back-office Merrill workers file overtime suit

Merrill Lynch, and its new owner Bank of America, are being sued by two back-office derivatives employees who claim they have not been paid overtime owed under the federal Fair Labor Standards Act.

13 January 2009

News/Legal

EC initiates antitrust case against S&P

The European Commission (EC) has opened formal proceedings against Standard & Poor's (S&P) to look into whether the US firm abused its dominant market position by forcing financial firms to pay for the use of US securities numbering codes when accessing data from third party vendors.

13 January 2009

News/Legal

Banco Santander signs for Norkom AML software

Spain's Banco Santander is set to roll out anti-money laundering software from Dublin-based Norkom Technologies across its AML units.

12 January 2009

News/Legal

TJX breach suspect jailed in Turkey over bank hacks

A Ukrainian man accused by US authorities of involvement in the TJX data breach has been jailed for 30 years in Turkey after being found guilty of hacking the computer systems of 12 banks in the country.

09 January 2009

News/Legal

Satyam chief quits after admitting cooking the books

The founder and chairman of Indian outsourcer Satyam Computer Services, B Ramalinga Raju has resigned after admitting the company's profits have been falsely inflated for several years, leading to a $1 billion hole in the balance sheet.

07 January 2009

News/Legal

Upaid seeks deposition of Satyam executives

Mobile payments firm Upaid has requested depositions from Satyam executives regarding last week's aborted attempt by Satyam to buy up companies related to its chairman, Ramalinga Raju. Upaid claims this was an attempt to siphon cash out of the business in advance of a US Federal Court jury trial scheduled for June 2009, in which Upaid is seeking up to $1 billion in damages for fraud, forgery and breach of contract by the Indian IT giant.

22 December 2008

News/Legal

Dubai police arrest gang over £40m card fraud

Police in Dubai have arrested three men accused of stealing more than Dh223 million (around £40 million) after obtaining credit card information used in online transactions.

16 December 2008

News/Legal

Australian couple charged with ATM explosion

Australian police have arrested a couple in connection with the explosion of a Bank of Queensland cash machine in the city of Brisbane, the latest in a spate of explosive attacks on ATMs in the country.

09 December 2008

News/Legal

Discover alleges Morgan Stanley had secret talks with Visa and MasterCard

In a lawsuit filed against Morgan Stanley, card scheme Discover claims that its former parent engaged in secret talks with its rivals, jeopardising its antitrust case against Visa and Mastercard and forcing it to agree to a lower $2.75 billion settlement than it might otherwise have been able to claim.

05 December 2008

News/Legal

Prosper pays $1 million to settle securities violation

US person-to-person lending exchange Prosper has paid $1 million to US state securities regulators to resolve a probe into the sale of unregistered securities over the site.

02 December 2008

News/Legal

Leader of US fraud ring pleads guilty

The leader of a criminal gang that cost financial institutions over $20 million in losses through card, wire and bank fraud has pleaded guilty to conspiracy charges, say officials in New York.

27 November 2008

News/Legal

International ATM skimming network busted

European authorities have dismantled an international ATM skimming network, arresting 15 people.

21 November 2008

News/Legal

Thieves blow up Sydney ATMs

Thieves have blown up four St George Bank cash machines with acetylene gas in Sydney, Australia, successfully stealing money from one.

19 November 2008

News/Legal

Computer programmer files $5m suit against Lehman

Lehman Brothers has been hit with a $5 million lawsuit filed on behalf of over 100 former employees by a computer programmer who was laid off by the failed investment bank.

06 November 2008

News/Legal

Chip and PIN fraudsters jailed

Two men who purloined the details of thousands of credit cards from Chip and PIN terminals and used them to make counterfeits before stealing over £1 million have been jailed at a London Court.

29 October 2008

News/Legal

Discover and Morgan Stanley in dispute over settlement agreement

After reaching a $2.75 billion settlement with Visa and MasterCard, Discover Financial Services says it is in "dispute" with Morgan Stanley over the proportion of the money it should hand over to its former owner.

28 October 2008

News/Legal

Police bust cyber fraud ring

An online criminal forum that was used by thousands of fraudsters to buy and sell stolen credit card and bank details has been shut down following a two year FBI-led undercover operation.

17 October 2008

News/Legal

Prosper stops taking new loans

US online person-to-person lending exchange Prosper has stopped accepting new loans as it looks to register its business with federal regulators.

17 October 2008