RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: US banks ordered to face antritrust lawsuit; StanChart braces for possible $1.5b fine

And here's why Tesco Bank has been slapped with $21m penalty.

From CNBC: A U.S. judge on Thursday ordered Goldman Sachs, JPMorgan Chase, and four other large banks to face an antitrust lawsuit by investors who said they conspired to stifle competition in the nearly $2 trillion stock lending market.

The plaintiffs accused units of Goldman, JPMorgan, Bank of America, Credit Suisse, Morgan Stanley, and UBS Group of conspiring since 2009 to keep the stock lending market "in the stone age" by boycotting the startup platforms AQS, Data Explorers and SL-x.

From Reuters: British bank Standard Chartered Plc is bracing for a possible new fine of about $1.5 billion as a result of previous Iranian sanctions violations as U.S. authorities are investigating whether the bank violated Iranian sanctions after 2007, when it said it would no longer do business with Iran.

The bank has already paid $667 million for sanctions violations before that year. 

From Bloomberg: The U.K. financial regulator fined Tesco Plc’s banking arm 16.4 million pounds ($21 million) for failures that allowed cyber attackers to steal funds.

The 48-hour hack in November 2016 was “largely avoidable” and took place because the thieves took advantage of weaknesses in the design of the bank’s debit card, its financial-crime controls and its so-called Financial Crime Operations Team, the Financial Conduct Authority said in a statement.

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