Former Wells Fargo CEO Tim Sloan has filed a lawsuit against the company, seeking over $34 million in unpaid compensation. Sloan alleged that Wells Fargo unlawfully withheld his deferred pay and bonus after he stepped down as CEO in 2019, Bloomberg reported Friday (Dec. 1). In addition to the...
Investors who lost billions of dollars in the collapse of cryptocurrency exchange FTX have reportedly expanded their legal action to include Major League Baseball (MLB), Formula 1 racing, and Mercedes-Benz Group AG’s racing team. The investors allege that these entities aided and abetted the fraud orchestrated by FTX, adding to...
Changpeng Zhao, the co-founder of cryptocurrency exchange Binance Holdings, is reportedly facing legal restrictions that prevent him from returning to his home in the United Arab Emirates (UAE). U.S. District Judge Richard Jones in Seattle made this ruling Monday (Nov. 27), putting on hold a previous...
Australia is set to introduce legislation governing the use of Apple Pay and other digital wallets. The new rules, scheduled to be announced this week, would place this payment method under the same regulatory oversight as credit cards, Reuters reported Monday (Nov. 27). As that report noted, digital wallets...
Binance’s founder is fighting the Justice Department’s efforts to keep him in the U.S. Changpeng Zhao pleaded guilty last week to failing to maintain proper anti-money laundering standards and agreed to step down as CEO of the world’s largest cryptocurrency exchange. The government wants Zhao to remain in...
Some OpenAI investors are reportedly considering legal action in response to ex-CEO Sam Altman’s firing. Such action would target the artificial intelligence (AI) firm’s board, which last week ousted Altman, leading to what could be the resignation of most of the company’s employees, Reuters reported...
A federal judge in Oakland, California, has ruled against major social media companies, rejecting their efforts to dismiss nationwide litigation accusing them of illegally enticing and addicting millions of children to their platforms. The lawsuits against Alphabet (Google and YouTube), Meta Platforms (Facebook and Instagram),...
A federal judge said cryptocurrency firms FTX and BlockFi can begin discussing a settlement. BlockFi, which hopes to recover funds owed by FTX, declared bankruptcy in November 2022 following the collapse of FTX, which itself filed for Chapter 11 weeks earlier. That bankruptcy triggered an...
Class-action settlements often involve websites with information for the class members. But in the case of a multibillion-dollar class action lawsuit against Visa and Mastercard, plaintiffs’ lawyers said there’s something unusual about a website tied to that litigation: It apparently offers false and misleading information....
