In a verdict that has far-reaching consequences for global banking, a federal jury in New York has found Arab Bank liable for funding terrorism in Israel between 2000 and 2004.
300 American victims and their families sued the Jordan-based bank, saying they violated the Anti-Terrorism Act by knowingly funding Hamas during the second Intifada. The plaintiffs convinced a jury that the bank gave material support in 24 attacks where Americans were hurt or killed.
This is the first time the Anti-Terrorism Act has been used civilly against a bank.
May 7, 2010, file photo. Traders work on the floor of the New York Stock Exchange the day after the "Flash Crash" and The Dow Jones industrials dropped 1,000 points. The crash brought scrutiny to high-frequency trading and other computerized strategies that move buy and sell orders at blinding speeds.
The Securities and Exchange Commission (SEC) charged a New York trading firm with the largest fine ever for breaking rules designed to keep risky trades from unraveling the financial system.
It is also the first time the SEC penalized a high-frequency trader.
High-frequency traders, or flash traders, make millions of trades a minute. They are the focus of an ongoing debate over whether those trades make the market function better or exploit slower, traditional traders.
On the same day Apple unveiled a new mobile payment system, regulators warned Capitol Hill about the hazards of non-bank companies having access to financial data.
"Ironically," regulators said Tuesday, Home Depot also confirmed the theft of banking data from millions of customers.
Apple says their payment system is designed to be more secure than the one Home Depot uses, but it is also one more company with access to your financial data that’s not subject to government oversight.