Law and legal issues

Credit Acceptance Corp., a major name in subprime auto finance, is facing a legal challenge over its lending practices. Some lawyers and analysts say the company's battle with the Consumer Financial Protection Bureau has broader implications for the rest of the industry.

A former Deutsche Bank trader cleared of charges that he rigged the Libor benchmark rate is suing for malicious prosecution, becoming the second employee cleared in court to pursue the bank for damages.

The collapsed crypto exchange FTX owes money to a dizzying assortment of firms including Goldman Sachs Group and JPMorgan Chase, according to bankruptcy court documents.

The company told many customers they were "pre-approved" for credit card products they did not actually qualify to get. Proceeds from the fine will compensate those consumers, the Federal Trade Commission says.

The bankrupt crypto lender BlockFi plans to sell about $160 million of loans backed by around 68,000 bitcoin mining machines, according to two people familiar with the matter.

Gemini Trust Co. is eliminating another 10% of its workforce, according to a person familiar with the matter, as the digital-asset firm founded by the billionaire twins Tyler and Cameron Winklevoss remains pressured by a monthslong industrywide slump.

The crypto lender Genesis Global Holdco LLC is aiming for a relatively quick exit from bankruptcy court after collapsing under the force of a prolonged selloff in digital assets.

The state of Colorado has reached a $4 million settlement with Canvas Credit Union and Bellco Credit Union after the companies were accused of failing to pay refunds of guaranteed automobile protection fees due to borrowers.

Genesis Global Capital, the cryptocurrency lending unit of Digital Currency Group, is laying the groundwork for a bankruptcy filing as soon as this week, according to people with knowledge of the situation.

Turkey's state-owned Halkbank got a mixed reception at the U.S. Supreme Court as the bank sought dismissal of criminal charges that it helped Iran evade economic sanctions.

The former tech entrepreneur, "Razzlekhan" rapper and accused cryptocurrency thief Heather Morgan has a new job.

Sam Bankman-Fried offered one of his most detailed descriptions yet of the FTX debacle as he prepares to fight fraud charges, blaming crashing markets and an attack from a rival for the eventual bankruptcy of his exchange.

JPMorgan Chase is claiming the founder of Frank, a college financial-planning site the bank acquired in 2021, defrauded it by vastly inflating the number of customers the company had.

Voyager Digital Ltd. won court approval to sell its crypto platform to Binance.US for $20 million as part of Voyager's plan to liquidate in bankruptcy.

The U.S. Commodity Futures Trading Commission filed a lawsuit against crypto trader Avraham Eisenberg for allegedly manipulating the price of swaps contracts as part of a scam to steal $114 million.

The plaintiffs allege that the banks did not catch obvious red flags or implement proper safeguards such as requiring two employees to approve each transaction.

U.S. authorities are ratcheting up pressure on Sam Bankman-Fried's inner circle as they scrutinize former close FTX associate Nishad Singh, according to people familiar with the matter.

JPMorgan Chase Bank NA will have to face a lawsuit by a unit of the French maker of Ray-Ban glasses that claims the bank ignored suspicious transactions as cybercriminals drained $272 million from its New York bank account.

The Consumer Financial Protection Bureau and the state attorney general claim Credit Acceptance Corp., an indirect auto lender, deceived thousands of borrowers by failing to disclose and include finance charges in calculating the cost of a car loan.

The Mississippi bank would take a big hit to capital and income but avoid the risk of a bigger payout from a guilty verdict in litigation against banks that did business with Allen Stanford's disgraced financial empire.