The Department of Justice (DOJ) has announced the sentences handed down to three former executives of Chicago-based health technology startup Outcome Health, who were convicted on fraud charges in April 2023. Rishi Shah, a co-founder and former CEO of Outcome, was sentenced to seven years and six...
The Federal Trade Commission (FTC) filed a complaint against two groups of defendants, alleging they participated in an unauthorized billing scheme. The complaint charges the defendants with enrolling consumers, without their knowledge, in continuity plans in which they are repeatedly shipped products and charged for...
The Supreme Court handed a victory to retailers battling debit card “swipe fees.” The high court’s 6-3 ruling Monday (July 1) sided with the plaintiffs in a case challenging a Federal Reserve rule on the amount businesses pay banks when customers make purchases with debit...
The Securities and Exchange Commission (SEC) sued Consensys Friday (June 28), charging the blockchain and Web3 software company with engaging in the unregistered offer and sale of securities and with operating as an unregistered broker. These charges center on two services offered by Consensys Software: MetaMask Staking and MetaMask...
Nothing’s settled, it seems — except that the $30 billion so-called “swipe fee” settlement is, at least in this incarnation, seemingly dead and gone. And what comes next is almost certain to be more legal wrangling. On Tuesday (June 25), U.S. District Judge Margo Brodie...
It’s one step up and two steps back in the case of Synapse Financial’s bankruptcy, with the court-appointed trustee reporting progress Friday (June 21) in recovering and distributing customer funds. However, serious reconciliation challenges remain, according to the latest status report in the case. Trustee...
Walmart and Capital One have reportedly settled a lawsuit centering on their former credit card partnership. The case was dismissed Thursday (June 20) by a judge after the companies resolved their claims and counterclaims, Reuters reported Friday (June 21). The terms of the settlement were...
The recent Synapse bankruptcy represents one of the biggest implosions in the FinTech sector’s history. The ongoing mess at the banking-as-a-service (BaaS) platform has affected over a hundred thousand U.S. end-users, including other FinTech businesses, and investigations into its fallout has brought to light an...
Credit card swipe fee litigation that has been fought for two decades is reportedly likely to remain unresolved for some time longer. A federal judge is likely to reject a $30 billion settlement between Visa, Mastercard and retailers that was announced in March but remains subject to court...
