Insurance
The Banc of California sued Federal Insurance Co. for $14 million in federal court, claiming it wrongfully refused to cover that loss in a forgery case
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American Photographer Accuses Bank of Funding Terrorists Who Kidnapped Him
An American photojournalist kidnapped during Syria’s civil war accused an overseas bank of funding his captors in a federal lawsuit filed Monday evening.
Read moreWell Fargo Bank
A construction company sued Wells Fargo Bank in Placer County Court, California, claiming it negligently allowed the company’s bookkeeper to cash $515,200 in forged checks at several bank branches.
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Judge Won’t Pause Prosecution of Turkey’s State-Run Halkbank
Weeks after slamming Halkbank’s campaign to delay criminal prosecution for a record-breaking money laundering scheme, a federal judge refused Thursday to further pause the case pending the Turkish state-run bank’s appeal.
Read moreIran Sanctions
Two former executives claim in federal court that Standard Chartered Bank (of London, Dubai and New York) fired them for reporting schemes by which the bank helped Iran duck international sanctions.
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Credit Suisse Confirms Second Spying Case
An internal Credit Suisse probe confirmed Monday that a second executive had been spied on, following earlier revelations that the bank’s former head of wealth management was tailed by private investigators.
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Bank of England Launches Eavesdropping Probe
The Bank of England launched a probe Thursday after discovering some investors eavesdropped on press briefings moments before they were broadcast, reportedly to hand a split-second advantage to high-speed traders.
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UK Financial Industry Sees Little Joy in Post-Brexit World
Prime Minister Boris Johnson’s decisive victory in last week’s general election provided little comfort to Britain’s once world-beating financial services industry, which has been battered by Brexit for more than three years.
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Out of Prison, Ex-Halkbank Manager Appeals Bygone Sentence
Five months after being freed from federal prison for his role in a record-breaking scheme to bust Iran sanctions, ex-Halkbank manager Hakan Atilla pressed ahead Monday at the Second Circuit on an unusual criminal appeal.
Read moreWells Fargo Bank
A federal class action in Pittsburgh claims that Wells Fargo Bank’s failure to properly calculate borrowers’ attorneys’ fees in the Home Affordable Modification Program resulted in at least 625 improper foreclosures.
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Trump Asks High Court to Block Subpoenas for Bank Records
President Donald Trump again sought refuge for his Capital One and Deutsche Bank records from congressional subpoenas Friday, this time asking the Supreme Court to shield them from a House committee.
Read moreBig Casino
Hawaii Gardens Casino, California’s second-largest, will pay $3.5 million to settle a state complaint of violating the anti-money laundering Bank Secrecy Act.
Read moreTurkey’s Halkbank ‘Almost Certainly’ a Fugitive, Judge Says
Excoriating the Turkish government’s intense campaign to delay and dismiss the record-breaking money-laundering case, a federal judge found Thursday that the state-run Halkbank is “almost certainly” a fugitive.
Read moreRussian Pair Charged on Multimillion-Dollar Malware Hack
Putting up the largest sum ever offered for a cyber-criminal’s arrest, the State Department announced it will pay up to $5 million for information pertaining to a Russian hacker charged Thursday for his decade-long role in international bank fraud and malware schemes.
Read moreBank of America
A federal class action claims Bank of America unfairly charges full-time students a $12 monthly maintenance fee once they turn 24 years old if they do not deposit at least $250 a month and keep a $1,500 minimum daily balance.
Read moreTrump Loses Appeal to Block Deutsche Bank Subpoena
The Second Circuit cleared the way Tuesday for two House committees to access financial records that President Donald Trump and his associates have stored in Deutsche Bank and Capital One.
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Banks Profit From Selling Customers’ Spending Data
There’s a powerful new player watching what you buy so it can tailor product offerings for you: the bank behind your credit or debit card.
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Wyden Probe of Turkish Bank Runs Into Mnuchin Meeting With Erdoğan
A month into Senator Ron Wyden’s investigation of Halkbank, the Turkish state-run bank accused of the biggest money-laundering scheme ever charged in U.S. history, U.S. Treasury officials informed lawmakers that Secretary Steven Mnuchin recently attended a White House lunch with Turkey’s strongman Recep Tayyip Erdoğan.
Read moreJPMorgan Chase
A federal judge approved a $5 million class settlement, with $50,000 in expenses, to JPMorgan Chase Bank employees who complained that the bank gives new fathers only up to two weeks of paid parental leave, but 16 weeks to mothers.
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