The Federal Trade Commission (FTC) has secured a judgment requiring former merchant cash advance operator Jonathan Braun to pay $20.3 million in monetary relief and civil penalties. This marks the first trial by jury conducted by the FTC, the agency said in a Wednesday (Feb. 14) press release....
The Internal Revenue Service (IRS) is suing the Federal Deposit Insurance Corp. (FDIC) over a tax debt owed by the failed Silicon Valley Bank. The FDIC seized the bank and its assets in March following its collapse. Now, the IRS is asking a judge to determine how much the...
New York Community Bank (NYCB) is the target of a class-action lawsuit alleging securities fraud. The lawsuit comes after the bank acquired certain assets of Signature Bridge Bank on March 20, 2023, and reported a fourth quarter net loss of $252 million on Jan. 31,...
Canadian FinTech SS&C is reportedly accusing banking giant BNY Mellon of data misuse. The long-standing legal dispute is returning to court, Bloomberg News reported Monday (Feb 5), with SS&C — which provides operations services for investment managers — saying it is owed nearly $890 million by the banking giant. According...
Apple said earlier this month it would open its App Store to permit outside payment options. However, Epic Games — which has been battling the iPhone maker in court for the last three years — says that Apple has not yet properly complied with a court order that prompted the...
New York Attorney General Letitia James accused Citi of failing to protect fraud victims. In a lawsuit filed Tuesday (Jan. 30), the state’s top prosecutor alleged that the banking giant has no protections against account takeovers, misleads customers about their rights when their accounts are...
A federal appeals court has ordered an investigation into the collapse of bankrupt cryptocurrency exchange FTX. The court agreed with a government watchdog’s argument that appointing an independent bankruptcy examiner was necessary due to the alleged misappropriation of $10 billion of customer assets and the size...
Sam Bankman-Fried’s parents say they can’t be held accountable for their son’s actions at FTX. Joseph Bankman and Barbara Fried were sued last year by FTX, with the bankrupt cryptocurrency exchange alleging that the pair used their backgrounds as Stanford University law professors to enrich themselves as their...
The New York State Department of Financial Services (DFS) has announced that Genesis Global Trading will pay an $8 million penalty to the state and surrender its BitLicense. These moves come after a DFS investigation found “significant” failings in the company’s anti-money laundering (AML) and cybersecurity programs, the regulator...
