Legal issues and news

As the phony-accounts scandal is brewing in 2014, the executive who functions as the top cop inside Wells Fargo gets shown the door.

The company wants to get bids in as quickly as possible to take advantage of current market conditions, a lawyer for the crypto lender said.

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.

JPMorgan Chase alleges in a lawsuit that the college-planning website Frank provided misleading information before the bank bought it. Experts say there were plenty of red flags from the beginning.

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 settled with the Federal Reserve after self-reporting that it had disbursed $1.1 million in wrongfully obtained Paycheck Protection Program loans.

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.

Banks worried about similar attacks against their own customers can use multifactor authentication and suspicious login detection to reduce risk.

Authorities gained from Russian sanctions legislation helped law enforcement build the case against Hong Kong-based exchange.

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.

Thieves have become adept at exploiting digital vulnerabilities, conducting heists that resulted in more than $3 billion in losses last year.

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.