Law and legal issues

Equifax, the second-biggest global credit bureau, was hit with a proposed class-action lawsuit after a report that it provided inaccurate credit scores on millions of U.S. consumers looking for loans.

The bank and insurance company for military members accused Truist Financial of infringing on the technology it claims it invented that allows the use of regular mobile devices to capture and transmit checks.

Twitter subpoenaed records from Morgan Stanley and other financial firms as part of its legal fight with Elon Musk over his canceled $44 billion acquisition of the social media platform.

Visa said it believes it’s an “improper defendant” in the case.

Former Goldman Sachs Group vice president Brijesh Goel pleaded not guilty to charges that he illegally traded on confidential information he obtained while working at the investment bank.

The jury at an upcoming trial can draw an adverse inference about evidence destruction by the Chicago-based bank, a federal judge ruled. The plaintiff is seeking $1.9 billion from the bank, in addition to punitive damages and other funds in a bankruptcy-related case stemming from a Ponzi scheme.

Affinity Credit Union in Iowa is taking the tech giant to court over the levies issuers pay to have their cards work in its mobile wallet.

JPMorgan Chase must face a trial over claims by a former vice president in its anti-corruption unit that she was marginalized, mistreated and fired from the bank for complaining about compliance failures.

If the agency’s treatment of Bank of America is extended to the rest of the industry, it will cause widespread confusion and excessive regulatory burden.

At a minimum, the court’s ruling will create confusion and invite endless litigation.

The cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s biggest names and exposed hundreds of thousands of individual investors to steep losses.

Citigroup has won part of its appeal in a discrimination suit brought by a former banker who was laid off after being called “old” at the age of 55.

As Celsius Network’s customer withdrawal freeze enters a full month, the beleaguered crypto lender has paid back a string of debts totaling more than $900 million during the same period to decentralized-finance platforms. 

Securities regulators in Texas and Alabama are expanding their investigations into Voyager Digital and Celsius Network to account for new information arising from the implosions of the two crypto-lending firms. 

After the Supreme Court struck down an Environmental Protection Agency rule, legal observers are wondering how far the justices will go to rein in the authority of financial regulators. A Securities and Exchange Commission proposal on climate risk disclosures could become a test case.

Authentic Brands Group, which owns and licenses brands like Forever 21, has settled its lawsuit against Bolt Financial. The agreement ends months of legal wrangling between the troubled payments startup and its largest active customer, which had claimed that Bolt’s technology was faulty. 

An independent investigation found no evidence of a pact with Wells Fargo’s attorney but omitted mention of the other big questions emanating from the case.

The retail giant ignored fraudsters’ use of its money transfers in consumer scams that cost victims hundreds of millions of dollars, according to the Federal Trade Commission. Walmart called the agency’s lawsuit “factually flawed and legally baseless.”

The lender has been struggling with a series of scandals that have sent its shares to near-record lows, and may face a second criminal indictment in an unrelated case later this year.

The fintech Wise said the Financial Conduct Authority has commenced an investigation into Chief Executive Officer Kristo Kaarmann almost a year after he was fined by HMRC for deliberately defaulting on his taxes.