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Moneygram

Alston & Bird

Settlement Between Delaware and 30 States Ends MoneyGram Litigation

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Following the Supreme Court’s 2023 decision in the MoneyGram case, Delaware and a coalition of 30 states have settled. Our Unclaimed Property Team examines the impact of the settlement on future litigation over escheated...more

BCLP

U.S. Supreme Court Re-routes Escheatment of Payment Products

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The U. S. Supreme Court has redirected escheatment of certain unclaimed funds from states that were previously presumed properly to claim the funds. In this decision, instead of escheating all of the unclaimed funds arising...more

Alston & Bird

Supreme Court Issues First Unclaimed Property Opinion in 30 Years

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The U.S. Supreme Court released its long-awaited decision in the MoneyGram case pitting 30 states against Delaware. Our Unclaimed Property Team breaks down the decision and how it could affect holders in the future....more

Eversheds Sutherland (US) LLP

States prevail over Delaware in unclaimed property case at the Supreme Court

All nine Supreme Court Justices sided with a group of 30 states in a dispute with Delaware over hundreds of millions of dollars of unclaimed checks issued by MoneyGram, a money transfer company. The Court held that the...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Delaware v. Pennsylvania

On February 28, 2023, the United States Supreme Court issued a decision in Delaware v. Pennsylvania, No. 145, Orig., holding that certain instruments offered by MoneyGram are similar to money orders and are therefore covered...more

Alston & Bird

SCOTUS Appears Poised to Reject Delaware’s Bid to Narrowly Interpret Federal Unclaimed Property Law

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Our Unclaimed Property Team parses the oral argument in the MoneyGram case before the U.S. Supreme Court and how it may determine which states can escheat “official checks,” whatever the Court interprets those to be. ...more

Eversheds Sutherland (US) LLP

States collide on unclaimed property at the Supreme Court

​​​​​​​The US Supreme Court heard arguments on October 3, 2022 on an unclaimed property case for the first time since the early 1990s. The case, Delaware v. Pennsylvania, is a state-versus-state dispute between Delaware and...more

Ballard Spahr LLP

Signaling more joint enforcement with states, CFPB files lawsuit with NY Attorney General against “repeat offender” MoneyGram

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The CFPB and the New York Attorney General have filed a lawsuit in a New York federal district court against MoneyGram International, Inc. and MoneyGram Payment Systems, Inc. (MoneyGram) in which they allege that MoneyGram...more

Cozen O'Connor

James and the CFPB Sue Moneygram over Consumer Protection and Anti-Fraud Allegations

Cozen O'Connor on

New York AG Letitia James and the CFPB sued Moneygram International, Inc. and Moneygram Payment Systems, Inc. (collectively “Moneygram”) over alleged violations of consumer protection laws, including the Consumer Financial...more

Goodwin

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence

Goodwin on

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence; Stockholders Strike $110 Million Settlement In Suit Alleging Breaches Of Fiduciary Duties By Former...more

Blank Rome LLP

Delaware’s Arguments Fall Short: Supreme Court Special Master Finds That MoneyGram’s Unclaimed “Official Checks” Should Escheat to...

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In an action brought under the original jurisdiction of the U.S. Supreme Court, 30 states disputed Delaware’s entitlement to escheat the unclaimed proceeds of certain “Official Checks” issued by MoneyGram. A Special Master...more

Morrison & Foerster LLP

Lessons Learned From OFAC’s 2021 Enforcement Actions So Far

As peak summer holiday season approaches, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) continues to remind the private sector of the importance of strict economic sanctions compliance. OFAC...more

Lowenstein Sandler LLP

Trade Matters - Lowenstein Sandler's Global Trade & Policy Newsletter - June 2021

1. Recent Enforcement: Even Companies That Invest in Compliance Pay Penalties- Since our April enforcement roundup, the Office of Foreign Assets Control (OFAC) and the Bureau of Industry and Security (BIS) in the Department...more

Porter Hedges LLP

MoneyGram Settlement Illustrates The Need To Maintain Robust Controls

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On April 29, 2021, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the agency that enforces and administers U.S. economic and trade sanctions, announced a settlement with Dallas-based MoneyGram...more

Alston & Bird

Supreme Court–Appointed Special Master Applies Place-of-Purchase Jurisdictional Rule to MoneyGram’s Unclaimed “Official Checks”

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Our Unclaimed Property Team reviews the report of the U.S. Supreme Court’s Special Master parsing the definitions of “money orders” and “similar instruments” and how those words decide if certain unclaimed property falls...more

The Volkov Law Group

MoneyGram Payment Systems Agrees to Pay OFAC $34k for Sanctions Violations

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MoneyGram settled with OFAC for $34,329 for 359 sanctions programs violations.  MoneyGram is a global payments service. According to OFAC, the 359 transactions totaled $105,627 in value and were processed on behalf of...more

WilmerHale

OFAC Enforcement Actions Highlight Risks to Software Providers & MSBs

WilmerHale on

On April 29, 2021, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced two settlements of potential civil liability with two companies over their apparent violations of its regulations. The...more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #165 – Scammed Through MoneyGram? You Might be Eligible for a Refund

Criminals have been able to get individuals to wire funds to them for years. It is an old scam that still works. One of the companies that have been used by criminals in the past for wire fraud is MoneyGram, which was sued by...more

King & Spalding

U.S. Blocks Alibaba Affiliate Ant Financial’s Acquisition of MoneyGram

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De-facto blocking evidences continuing scrutiny of Chinese investments in U.S. companies in the strategic technology and financial industries. On January 2, 2018, MoneyGram International, Inc. (NYSE:MGI (“MoneyGram”) and...more

Bass, Berry & Sims PLC

CFIUS Continues Focus on Information Security, Blocks Chinese Acquisition of MoneyGram

Bass, Berry & Sims PLC on

- MoneyGram and Ant Financial mutually terminate $1.2 billion proposed merger - CFIUS’s concerns focused on cyber and information security - Scrutiny of buyers’ information security processes is likely to increase On...more

Sheppard Mullin Richter & Hampton LLP

In-fo’ a CFIUS Review: The Expanding Power of CFIUS through Data Security Scrutiny

CFIUS is expanding its reach. Where the Committee on Foreign Investment in the United States has generally scrutinized foreign acquisition of U.S. “critical infrastructure,” it has now signaled that it may look closely at any...more

BCLP

CFIUS's Failure to Approve Chinese Investment in Money Transfer Services Company Indicates Higher Hurdles for Chinese Investment...

BCLP on

On January 2, 2018, MoneyGram International Inc. and Ant Financial Services Group announced that they had terminated their Amended Merger Agreement after they were unable to obtain approval of the transaction from the...more

Foster Garvey PC

CFIUS’s Concerns With Chinese Investments and Acquisitions in the U.S.

Foster Garvey PC on

On January 2, 2018, the Committee on Foreign Investment in the United States (CFIUS) rejected Ant Financial’s plan to acquire U.S. money transfer company MoneyGram International over national security concerns. According to...more

A&O Shearman

M&A Watch: Ant Financial and MoneyGram Terminate Merger Agreement Due to CFIUS Concerns

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MoneyGram International Inc. and Ant Financial Services Group recently announced the termination of their agreement providing for the acquisition of Texas-based money transfer company MoneyGram by China-based Ant Financial...more

Thomas Fox - Compliance Evangelist

This Week in FCPA-Episode 54, the Rubber Match Edition

This week, Jay and I have a wide-ranging discussion on some of the week’s top compliance related stories. We discuss: 1. Tom reports on Compliance Week 2017? 2. If the DOJ releases new information in the form of the...more

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