A federal court has fined Nigerian businessman Dozy Mmobuosi $250 million following a fraud investigation. The court order — issued last week and the subject of a report Sunday (Sept. 1) by the Financial Times (FT) — also bars Mmobuosi from serving as a director...
Nordea Bank Abp has reached a settlement with the New York State Department of Financial Services (DFS) after the regulator determined that the bank had compliance failures and failed to conduct proper due diligence of its correspondent bank partners. The bank entered into a consent order with DFS...
JPMorgan Chase is reportedly facing a lawsuit that alleges that the bank paid “unreasonably” low interest rates on accounts used in its cash sweep program. Illinois resident Dan Bodea alleges in the suit that the bank used the program to shortchange customers while pretending to...
Property management software company RealPage has vowed to fight a civil antitrust lawsuit filed by the Justice Department, saying the suit’s claims are “devoid of merit.” The U.S. Department of Justice (DOJ) and the attorneys general of eight states filed the suit Friday (Aug. 23), alleging...
Last year former FTX executive Ryan Salame cut a deal with federal prosecutors. Now, Salame says the government is not holding up its end of the bargain, and is asking a judge to enforce his plea deal. According to court records, Salame’s deal would have stopped a government...
Artificial intelligence (AI) startup Anthropic is reportedly the target of a copyright infringement lawsuit filed Tuesday (Aug. 20) in California. Three authors allege in the lawsuit that the company built its business and its large language model (LLM) Claude through “the largescale theft of copyrighted...
Fast-fashion giant Shein reportedly sued rival company Temu, alleging copyright infringement. In a civil complaint filed in Washington, D.C., Shein alleged that Temu encourages sellers on its marketplace to steal other brands’ designs and prevents them from removing products from the platform, even in cases...
The FTC has offered support to Epic Games in that company’s legal battle with Google. The Federal Trade Commission (FTC) said Tuesday (Aug. 13) that it had filed an amicus brief on behalf of Epic in the case, outlining how a federal judge should consider potential remedies when determining relief following...
FTX and sister company Alameda Research have agreed to pay their creditors $12.7 billion. The agreement, approved Wednesday (Aug. 7) by U.S. District Judge P. Kevin Castel, is part of a settlement between the fallen cryptocurrency platform and the Commodity Futures Trading Commission (CFTC). Under the agreement, FTX and...
