Latest Legal News: Finextra Research

Morgan Stanley, Goldman Sachs, among banks fined $1.1 billion by SEC

16 of Wall Street’s largest financial institutions been charged to pay a combined $1.1 billion to US regulators for not monitoring unauthorised employee messaging, announced the Securities and Exchange Commission (SEC) on Tuesday.

28 September 2022

News/crypto

FTX wins $1.4bn auction for Voyager Digital assets

FTX has won the auction for the assets of bankrupt crypto lender Voyager Digital with a bid worth just over 1.42 billion.

28 September 2022

Company update/retail

Leeds Building Society launches Redemption Statement Service via the LMS Secure Link portal

LMS, the UK’s leading conveyancer and panel management specialist, today announces that Leeds Building Society, the UK’s fifth largest building society, is launching with LMS Secure Link.

27 September 2022

News/regulation

UK government launches fraud and money laundering crackdown

The UK government has announced plans to rolled out reforms to protect the economy from fraud and money laundering.

23 September 2022

News/regulation

Indonesian anti-trust agency investigates unfair Google app payments

Indonesian watchdog KPPU is investigating Google for breaching anti-monopoly laws and carrying out unlawful business practices on the Google Play Store.

16 September 2022

News/payments

Citi wins appeal over $500m funds transfer gaffe

A federal appeals court has overturned a decision to let creditors keep more than half a billion dollars that banking giant Citi sent to them by mistake.

12 September 2022

News/security

Starling responds to UK Govt's report on suspected BBLS fraud

UK Government has confirmed that of the £47 billion provided in loans through the Bounce Back Loan (BBL) scheme, £1.1 billion of these loans are suspected to be fraudulent.

07 September 2022

News/people

Hong Kong to introduce subsidies to attract fintechs

The Hong Kong government is set to bring in a number of financial incentives to address what has been termed as a skills shortage, especially in terms of the fintech sector.

05 September 2022

News/crime

UK orders crypto exchanges to report sanctions breaches

Crypto exchanges operating in the UK will face more reporting requirements over sanctions breaches under new rules introduced in the wake of Russia's war in Ukraine.

05 September 2022

News/payments

Walmart asks court to dismiss FTC money transfer lawsuit

Walmart has asked a federal court to dismiss a Federal Trade Commission lawsuit against the retail giant, calling it an "egregious instance of agency overreach".

31 August 2022

News/security

Block faces lawsuit over Cash App breach

Block is facing a Class Action lawsuit over a Cash App Investing data breach last year that impacted 8.2 million customers.

26 August 2022

News/crypto

Class Action lawsuit claims Coinbase failed to protect customers from fraud

The world's largest crypto exchange, Coinbase, is facing a Federal Class Action lawsuit over allegations that it failed to secure user accounts from hackers and thieves.

24 August 2022

News/crypto

Crypto-crime revenue drops by 65% - report

Revenue derived from cryptocurrency-related crime is down by 65% in the first half of 2022 compared to the corresponding period in 2021.

22 August 2022

News/regulation

FCA fines Citi £12.5m for trading oversight failings

The UK's Financial Conduct Authority (FCA) has levied a £12.5m fine against Citigroup Global Markets over past failures to police its trading activity

22 August 2022

News/regulation

Banks to pay $1bn over traders' use of WhatsApp

A handful of Wall Street banks are preparing to pay up to $200m each to settle a case with the Securities and Exchanges Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the use of WhatsApp messages.

22 August 2022

News/regulation

UN urges curbs on crypto uptake in developing countries

The United Nation’s Conference on Trade and Development, UNCTAD, has released three policy briefs on the dangers of cryptocurrency in light of the rising use of digital assets in developing countries.

12 August 2022

Company update/markets

Jury convicts two former JPMorgan traders of widespread market manipulation

A federal jury in the Northern District of Illinois convicted two former precious metals traders at JPMorgan Chase & Co. (JPMorgan) today of fraud, attempted price manipulation, and spoofing in a multi-year market manipulation scheme of precious metals futures contracts that spanned over eight years and involved thousands of unlawful trading sequences.

11 August 2022

News/payments

Mastercard and Visa stop processing payments for Pornhub advertising arm

Visa and Mastercard will stop processing payments for the advertising arm of Pornhub's parent company after developments in a lawsuit relating to child pornography.

05 August 2022

News/markets

UK legal taskforce probes rules underpinning securities issuance on blockchain

Legal experts in the UK have opened a public consultation on the legislative changes required to support the issuance and transfer of digital securities on blockchain and DLT systems.

03 August 2022

News/crypto

Standard Chartered-backed Zodia Market secures FCA registration

The Financial Conduct Authority (FCA) has approved crypto brokerage Zodia Market’s registration application on the UK Financial Services Register, allowing the Standard Chartered-backed business to officially launch.

28 July 2022