Legal issues and news

Rules being considered by the Financial Crimes Enforcement Network would needlessly hinder banks seeking to do due diligence on their customers.

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.

Among U.S. financial regulators, Chopra is the one who bankers fear the most. His agency is expected to battle with the financial industry in 2023 on topics ranging from discrimination to fees and the bureau's funding mechanism.

The U.S. Virgin Islands is suing JPMorgan Chase for "turning a blind eye" to former client Jeffrey Epstein's sex-trafficking on his private island there.

Sam Bankman-Fried has tried to suggest he didn't know what was happening at sister firm Alameda Research, which Caroline Ellison ran from Hong Kong while he was in the Bahamas. That casts his role in FTX's collapse as mismanagement rather than fraud. But Gary Wang, who was FTX's co-founder and based in the Bahamas with Bankman-Fried, doesn't fit into that picture.

The Paycheck Protection Program proved successful in providing small-business owners with funds to keep workers employed — but it was also a magnet for criminals. Here is a rundown of fraud probes, prosecutions and potential long-term consequences for commercial lending.

Hacks of banks, credit unions and insurance companies compromised the data of millions of consumers, who filed a flurry of class actions in response.

Sam Bankman-Fried was released on a $250 million bail package after making his first U.S. court appearance to face fraud charges over the collapse of FTX, the cryptocurrency exchange he co-founded.

The remains of Sam Bankman-Fried's former empire FTX Group are drawing interest from some of the largest names in distressed investing, in a daredevil bet that heavily discounted creditor claims on the bankrupt cryptocurrency conglomerate will ultimately pay off.

A hard-fought battle between Citigroup and creditors of Revlon over an epic blunder in which the bank accidentally sent the lenders almost a billion dollars was finally capped with a legal pronouncement: Case dismissed.

The crypto exchange Binance.US will buy Voyager Digital's assets out of bankruptcy in a deal worth $1.022 billion, a discount to an earlier, failed sale struck with FTX.

Mazars Group, the accounting firm used by the crypto giant Binance Holdings and other big players in the industry to vouch for their assets held in reserve, has halted all work for crypto clients, dealing a blow to an industry seeking to shore up confidence in the wake of FTX's collapse.

Many experts think the Consumer Financial Protection Bureau's funding through the Federal Reserve could be the fatal flaw in the Dodd-Frank Act that created the agency, but differentiating the CFPB's structure from others may be tricky.

Customer outflows from Binance's cryptocurrency trading platform are slowing, according to blockchain data from two digital-asset analytics firms.

Sam Bankman-Fried's trading house Alameda Research had a secret speed advantage when executing orders on his now-collapsed FTX crypto exchange, according to the Commodity Futures Trading Commission.

The Wyoming-based digital-asset bank wants more information about why a decision on its two-year-old application for a master account has been delayed. But U.S. District Judge Scott Skavdahl ruled that the central bank won't have to turn over everything Custodia sought.

Danske Bank A/S admitted to fraud and agreed to forfeit $2 billion to end a long-running U.S. probe into money laundering at its Estonia branch, an embarrassing episode that led to the ouster of top management and pushed thousands of customers to leave.

Hanno Berger, a German lawyer dubbed the mastermind of Cum-Ex, was sentenced to eight years in prison for his role in part of a sprawling tax scandal that's robbed billions of euros from government coffers and embroiled some of Wall Street's biggest names

The central bank's governing body said a limited disclosure would satisfy its obligations under administrative law. The Kansas City Fed, meanwhile, would be subject to full discovery.

The U.S. Supreme Court expanded a planned showdown over President Biden's student-loan relief plan, saying it will hear arguments from two borrowers who contend they are being unfairly excluded from the full scope of the program.