Legal issues and news

Sam Bankman-Fried spent almost three hours trying to persuade a judge to allow him to testify about the role FTX lawyers played in the lead up to the collapse of the crypto-exchange and the alleged mismanagement of customer funds.

The student loan servicer said that it's open to settling a high-stakes lawsuit filed by the Consumer Financial Protection Bureau during the Obama administration. It recorded a $45 million charge and said that the range of reasonably possible losses is between $0 and $250 million.

Javice, accused of defrauding JPMorgan Chase in its $175 million acquisition of her college-loan-planning site, says the bank was not sticking to a court order requiring it to pay for her legal defense.

Banks and dissenting policymakers have raised the possibility of challenging regulators' Community Reinvestment Act overhaul in court, but it remains unclear whether they intend to walk the walk.

As financial institutions increasingly rely on artificial intelligence for anti-money-laundering and fraud detection, they face challenges in meeting regulators' demands for complete transparency and documentation.

FTX Trading is considering proposals from three bidders to restart trading on what had been one of the world's biggest crypto exchanges before the company sank into bankruptcy amid fraud allegations.

The Consumer Financial Protection Bureau's mission is important. That's why Congress needs to have stricter oversight of its actions.

The Alabama bank reported that check fraud resulted in operational losses of $135 million between April and September, including $53 million last quarter. The entire banking industry has been beset by higher levels of check fraud since the start of the COVID-19 pandemic.

The Treasury Department's Financial Crimes Enforcement Network issued an alert Friday calling on financial institutions to closely monitor and report suspected financial activities related to Hamas, including complex cryptocurrency transactions and through fictitious charities.

The New York State Department of Financial Services and the Federal Reserve Board penalized Metropolitan Commercial Bank for failing to prevent $300 million in fraud in a prepaid card program. It is the latest example of a bank being sanctioned in connection with rampant fraud during the COVID-19 pandemic.

Because instant settlement is irreversible, companies like Orum expect to see demand for systems that can vet recipients within seconds.

The bank argues federal law preempts a New York state statute requiring at least 2% interest payments on borrowers' accounts.

The Securities and Exchange Commission will not ask a federal appeals court to reconsider a ruling that paves the way for Grayscale Investments to launch a spot bitcoin exchange-traded fund, according to a person familiar with the matter.

As false credit-card disputes spike, the networks have updated policies to provide merchants and issuers with more data to combat false chargebacks.

After Archegos' collapse, Nomura had lost almost $3 billion, one of the biggest losses in the history of the prime-broker industry that caters to investment funds.

The Commodity Futures Trading Commission filed a lawsuit against Stephen Ehrlich in U.S. federal court in New York, claiming he and Voyager 'fraudulently solicited participation in and operated a digital asset trading and custody platform.'

Caroline Ellison outlined for a New York jury how she worked with Sam Bankman-Fried to deceive lenders and customers to build his multibillion dollar cryptocurrency empire — and their failed attempts to prevent a spectacular collapse.

Federal housing authorities persuaded Texas Capital Bancshares to help with the fallout from a bankrupt reverse-mortgage provider, then went back on their promises of financial support, the company says in a new lawsuit.

The high court heard what is likely the last realistic judicial attempt to assert that the Consumer Financial Protection Bureau is structurally unconstitutional. It didn't go well for the plaintiffs.