Legal issues and news

Germany’s finance watchdog fined Deutsche Bank 8.66 million euros ($9.8 million) over its handling of submissions for Euribor, a reference rate at the heart of a scandal that rocked the industry.

Capital One Financial agreed to pay $190 million to settle a class action filed against it after a hacker broke into its cloud computing systems and stole their personal information.

Standard Chartered has been handed a record fine by the U.K.’s top banking regulator after a spreadsheet error resulted in the emerging markets-focused lender overestimating its access to U.S. dollar funding.

JPMorgan Chase executives were supposed to make sure employee communications were archived for regulatory scrutiny. But for years, even the bosses were using their mobile phones to tap out work-related messages — a practice so pervasive that U.S. authorities dropped the hammer Friday, imposing $200 million in fines.

The Financial Conduct Authority has fined a U.K. unit of HSBC Holdings 64 million pounds ($85 million) after finding “serious weaknesses” in the automated processes it used to monitor suspicious transactions, the latest example of the watchdog’s increasingly assertive stance against the firms it regulates.

JPMorgan Chase is preparing to pay roughly $200 million to resolve U.S. regulatory investigations into lapses over monitoring employee communications.

Societe Generale Chief Executive Frederic Oudea is taking over the bank’s risk and compliance functions, seeking greater control over management of the bank’s legal affairs after it paid billions of dollars in penalties.

The ruling may offer hope for Gwen Campbell, who alleges that JPM’s private bank is “poaching” and “siphoning” her celebrity clients’ assets away from her management and paycheck.

JPMorgan Chase, Citigroup and six other large banks may have information about billions of dollars looted from Libya by its former dictator Moammar Al Qaddafi, the Libya government said in a subpoena application. 

The Financial Crimes Enforcement Network proposed standards to determine which companies must report their beneficial owners under a law enacted in January. Banks hope the new requirements will free them of the burden of collecting true-owner information about their customers.