Legal issues and news

Citing a congressional report, SBA says it will investigate PPP operations at several fintechs, community banks and other participants. The review raises questions about plans to open up the agency's flagship loan-guarantee program to more nonbanks.

Publicly traded companies exposed to the "crypto winter" and the collapse of FTX or other digital-asset companies might have to disclose those details to investors under new guidance from the Securities and Exchange Commission.

FTX's new chief executive and bankruptcy lawyers met with Manhattan federal prosecutors investigating the cryptocurrency exchange's collapse and allegations that it misused customer funds and lost billions of dollars, according to people familiar with the matter.

Markus Braun makes his first public appearance in court on Thursday, more than two years after his highflying digital-payment company Wirecard collapsed under the weight of fraud allegations.

U.S. Sens. Sherrod Brown and Patrick Toomey have asked Sam Bankman-Fried to testify at a hearing on Dec. 14 about the cryptocurrency exchange FTX's collapse, according to a letter issued Wednesday.

Galaxy Digital is paying $44.1 million to buy Celsius Network's GK8 business — more than 60% lower than what the bankrupt crypto lender paid to acquire the self-custody platform just last year.

The bankrupt cryptocurrency lender Celsius Network won court approval to give out bonuses totaling as much as $2.8 million to workers in a bid to keep them from quitting.

Citigroup and creditors of Revlon fighting over an accidental $900 million payment the bank made two years ago said they are close to resolving their litigation over the mistake.

The Consumer Financial Protection Bureau is investigating how the Jack Dorsey-led company handles fraud on its person-to-person payments app. After the bureau accused Block of dragging its feet, a federal magistrate judge gave the company a Jan. 5 deadline.

A federal judge will soon decide whether depositors at Celsius Network gave up ownership of their cryptocurrencies in exchange for interest payments, a key legal issue that could echo through other crypto bankruptcies.