Legal issues and news

Union Bank and Trust is resolving claims from a 2023 software exploit that exposed customer data to cybercriminals.

Bank of America has reached a settlement in principle to resolve a class-action lawsuit filed by victims of Jeffrey Epstein.

State attorneys general sued the Department of Housing and Urban Development as well as lender OneMain Financial; M&T Bank CEO Rene Jones talks about the changing nature of money, and the stone money of Yap.

Federal Judge David Nye sides with a broker fired over five years ago for placing trades without first obtaining his client's permission.

The criminal cases against these former 30 Under 30 honorees highlight the dangers of prioritizing hypergrowth narratives over proper due diligence.

A coalition of Democratic attorneys general, led by California and Illinois, have sued the Department of Housing and Urban Development over a guidance that they argue will scale back enforcement to strict federal standards and threaten state funding to enforce fair housing laws.

A federal judge ruled that acting Consumer Financial Protection Bureau Director Russell Vought unlawfully refused to request agency funding from the Federal Reserve Board, dealing a procedural blow to a legal argument that the Fed can only fund the CFPB when it turns a profit.

A federal judge wrote in an opinion that a "mountain of evidence" suggests the subpoenas were an effort to push Federal Reserve Chair Jerome Powell to lower interest rates or resign.

Investors claim JPMorganChase collected fees while ignoring suspicious transfers linked to a $328 million crypto Ponzi scheme.

Dynasty accuses Merrill of acting in distorting the court record in its attempt to force a dispute over a giant breakaway team before FINRA arbitrators.

A new report from the Consumer Federation of America says the true cost of online scams is an estimated $119 billion per year; Associated Banc-Corp moves forward with its planned acquisition of family owned American National; Servbank HoldCo completes its acquisition of IF Bancorp; and more in this week's banking news roundup.

David Szuchman, PayPal's top cop, leverages his background in law enforcement, including years in the Manhattan district attorney's office, to help the fintech fight against payment crooks.

Before holding financial institutions accountable for new regulatory expectations, clearer guidance is needed on what constitutes appropriate risk-based decision-making versus impermissible "debanking."

One way for credit unions to remain competitive is to control their own data; and Iran is fighting an economic war.

A threat that was probabilistic is now official. An Iranian military spokesperson warned of a "painful response" against U.S.-linked banks.

The war may put a damper on bank mergers; and financial crime has become a global industry -- a big global industry

The Swiss bank turned to a federal judge to mediate its dispute with a Jewish human rights group, but the two sides left the courtroom in deadlock.

Criminals are using AI and professional crime networks to scale attacks, yielding massive operational risks for banks, according to a new report from Nasdaq.

In a sternly written footnote, federal Judge Steven Merryday said the SEC's refusal to release information on its penalty calculations appears to "countenance duplicity, gamesmanship, neglect, insouciance" or worse.

Civil rights groups object to a $68 million settlement between the Department of Justice and Colony Ridge Development in Texas, calling the deal a sham because it funnels $20 million into immigration enforcement and surveillance of victims.