United States
Cybersecurity
Hackers linked to North Korea accounted for 61% of the total amount of cryptocurrency stolen in 2024.
Enforcement
CFPB sued Wells Fargo, JP Morgan Chase, and Bank of America for allowing fraud on peer-to-peer payment network Zelle. The regulator says the banks rushed the product to market with “shoddy” controls.
The DOJ fined McKinsey and Company $650m for its consulting work with Purdue Pharma in marketing opioid products. One senior partner was also charged with obstruction of justice for destroying records relevant to the investigation. McKinsey, which agreed to “supercharge” sales, has also agreed to cease working with companies that create controlled substances.
SEC sued eight defendants for participating in a scheme to sell obsolete bonds issued by defunct nations, and securities tied to their value. The defendants allegedly promised investors that they had a plan to redeem the bonds, but doing so was impossible.
AI
The North American Electric Reliability Corporation has published a report suggesting that electricity demand growth acceleration in the United States means that “well over half of the continent is at elevated or high risk of energy shortfalls over the next 5 to 10 years.”
Australia
Mining company BHP was served with a class action lawsuit alleging sexual harassment and discrimination.
EU
FinTech Revolut is facing (subscription) the “highest” ECB capital requirements in connection with its European operation.
International
IOSCO’s Growth and Emerging Markets Committee has launched a dedicated network to support member jurisdictions in the adoption of ISSB Standards. The network is also intended to help with information sharing at a regional level.
Japan
Honda and Nissan explore a potential merger to better compete in the Chinese market.
Switzerland
A Swiss parliamentary committee has published a report that blames years of mismanagement as the underlying reason for the crisis at and failure of Credit Suisse.
UK
City minister Tulip Siddiq has been named in a court application (subscription) accusing her family of embezzling $5bn in Bangladesh.
