Legal

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/Legal

MasterCard posts Q2 loss on American Express settlement

Shares in MasterCard slumped after the card network posted a $747 million loss for the second quarter due to a $1 billion charge relating to its antitrust settlement with American Express.

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Thomson Reuters loses FaceTime IM technology suit

Thomson Reuters must remove technology developed by FaceTime Communications from its instant messaging (IM) service following a legal ruling over a late licensing payment.

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UK banks hit by record fraud levels

UK banks have been hit by record levels of fraud over the last six months and the situation is likely to get worse as the full impact of the credit crunch unfolds, according to accountancy firm KPMG.

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Warning over iPhone phishing vulnerability

A security expert is warning of a flaw in the iPhone's e-mail application and Safari Web browser that could leave users open to phishing attacks.

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Apcims challenges FSA on data security and MiFID

The UK's Association of Private Client Investment Managers and Stockbrokers (Apcims) is using the Financial Services Authority's (FSA) AGM to raise concerns about changes to existing data security measures and about the management of post-trade data following the implementation of MiFID.

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Indian banks told to halt m-payment schemes

The Reserve Bank of India (RBI) has called on the country's financial institutions to halt mobile payment services until it has issued operative guidelines.

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Merchants win collective bargaining powers over US interchange fees

The US House Judiciary Committee has voted 19-16 in favour of a bitterly contested bill that will allow US merchants to engage in collective bargaining over the interchange fees charged on credit card payments.

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Teenage hacker discharged; may be offered police job

A teenage hacker from New Zealand, accused of designing software to steal millions of dollars from bank accounts, has been discharged without conviction and may be offered a job fighting cybercrime by police.

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HSBC clerk gets nine years for attempted £72m fraud

A former HSBC clerk who tried to steal £72 million from the bank in a massive electronic fraud has been sentenced to nine years in jail.

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Liquidnet to raise $500m in IPO

US electronic trading network Liquidnet has filed for a $500 million initial public offering (IPO) with the US Securities and Exchange Commission (SEC).

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G&D halts banknote exports to Zimbabwe

Munich-based Giesecke & Devrient (G&D) has stopped supplying banknote paper to the Reserve Bank of Zimbabwe following pressure from the German government for it to cease business with Robert Mugabe's regime.

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EuroCCP claims lowest clearing costs in Europe

If European firms used the EuroCCP platform to clear all trades, the industry could slash costs and save around EUR350 million a year, claims the DTCC subsidiary.

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MasterCard pays $1.8bn to settle American Express suit

MasterCard has agreed to pay rival card operator American Express up to $1.8 billion to settle a lawsuit filed in 2004 that accused it of blocking access to the bank-issued card market in the US.

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EU to break down e-commerce borders

The European Union (EU) is set to introduce new rules that will crack down on e-commerce companies that conduct business across member states but force customers to make purchases on country-specific Web sites.

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Bank of Tokyo-Mitsubishi UFJ and KDDI set to launch m-banking JV

Bank of Tokyo-Mitsubishi UFJ and telecoms operator KDDI have received a licence from Japan's Financial Services Agency for the launch of their mobile Internet banking service.

/Legal

EBay delays PayPal move in Australia

EBay is postponing plans to force its Australian customers to use the PayPal service following the intervention of the country's competition watchdog, but says it will challenge moves to block its new payments policy.

/Legal

Woman cons cashier with £20 note from Santa Christmas Bank

A Scottish court has heard how a woman managed to dupe a cashier into accepting a hand-made fake £20 note that stated it was from the 'Santa Christmas Bank'.

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MasterCard Europe suspends cross-border interchange fees

MasterCard is suspending the interchange fees it charges for cross-border credit and debit transactions in Europe in order to comply with an EC ruling and avoid heavy daily penalties.

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Australian competition watchdog moves to thwart eBay PayPal move

The Australian Competition and Consumer Commission (ACCC) has moved to scuttle plans by eBay to force customers to use the PayPal service to make payments on its online auction site.

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Discover seeks $6bn from MasterCard and Visa in antitrust case

Discover Financial Services is seeking $6 billion in damages in a long running anti-trust lawsuit that accuses credit card rivals MasterCard and Visa of blocking its access to the bank-issued card market in the US.