One of the defendants in Madoff case Italian bank UniCredit SpA has filed a lawsuit against Irving Picard, a trustee liquidating Bernard Madoff's assets. According to the papers Irving Picard has exceeded its authority vested by the U.S. Congress.  

As JPMorgan Chase anticipates a lot of customers will get cut off as a result as company’s credit card income may fall by up to $750 million because of recent regulations. The law bans moves such as changing interest rates on existing balances, and charging over-the-limit fees without customer permission.

If you want to pay for gas filling at any gas-station like, Shell, Citgo, ExxonMobil and Phillips 66-Conoco cards, with Citibank issued MasterCard, don’t even try. You’ll fail as Citi "decided to close a limited number of oil partner co-branded MasterCard accounts" without warning and number of cardholders suffered from card rejection while paying.  However, Citi spokesman confirms as the close date was Wednesday, letters were sent out Monday to customers informing them of the change. 

More than half the European websites that sell electronic consumer goods are not complying with the law, the European Commission has found.Police and trading standard authorities are now following up the findings with website owners. Six of the 14 UK websites studied will receive a visit from the authorities.

Canadian regulator, known as the Office of the Privacy Commissioner of Canada, may outline new proposals on protecting the privacy of Facebook users in response to complaints by the Canadian Internet Policy and Public Interest Clinic at the University of Ottawa.As the regulator's report found, Facebook provides with the privacy practices information not completely and often confusingly.

It was reported that the European Commission has found that the legal proceedings of the US authorities against European online gambling companies were unjustified and discriminatory. Moreover it was said that if US agencies do not stop the prosecution and compromise an action they may take the case to the World Trade Organization.  

As it became known on Thursday, Canadian Finance Minister Jim Flaherty is to announce new credit card rules. That comes a day after the U.S. Congress ruled out legislation restricting, that Barack Obama is to sign into law on Friday. The legislation requires to provide the information of when and how a credit card company can raise an individual's interest rate, who can receive a card and how much time people are given to pay their bill. 

This week Australia's state government of New South Wales started an education campaign, aiming to fight against "sexting”. The representatives warn these images or sexually explicit text messages can be posted on the Internet or forwarded to others, which can end up in harassment or even sexual assault.

It has been announced that the German Cabinet has approved a law aimed at strengthening the existing ban on child sex abuse images.According to the law, ISPs will be required to display a 'Stop' sign when a user tries to access websites including the prohibited content. The list of those websites will be prepared by the police and transferred to ISPs. 

The European Commission completed its report on the investigation into the U.S. measures affecting foreign providers of online gambling services. The report released last week resumes the probe that was launched after the Remote Gambling Association filed a complaint against the U.S. The work concludes that US laws deny access and discriminate against foreign suppliers of gambling and betting services inconsistently with US WTO obligations.

The recession has resulted in all kinds of new legislatures in the US. Online sports gambling also expects changes following Internet gambling, although, it wasn’t considered likely to be so.Delaware being on of four states, along with Montana, Oregon, and Nevada, allowed to consider its own statutes for wagering on sporting events is causing discomfort among other states, which are making moves to keep gambling revenues.

Representatives of the US federal government were found to be restraining information necessary for a fair and responsible court decision regarding the UIGEA issue. The act was sued by Interactive Media Entertainment and Gaming Association (iMEGA) for its vagueness. Department of Justice attorney would not give consent for iMEGA to update its briefs by including difficulties being caused at state lotteries by the online gambling ban.

In the year 2006 the United State Congress passed a law to prevent banks and financial institutions from allowing their customers to make deposits at online gambling sites. So, most players have found it difficult to deposit money into their online gambling accounts and since the law was implemented online gambling sites have to use other depositing methods like e-cash options and wire transfers trying to get round the prohibition. 

In a move to protect customers against being left out of pocket the Securities Investor Protection Corporation started a suit against Bernard L. Madoff investment Securities LLC in order to liquidate the brokerage firm, reports MarketWatch. The chairman of the investment company was arrested and the scandal had an adverse impact on banks, hedge-fund investment firms and wealthy individuals.

One of the owners of e-gold payment system Barry Downey has got permission from the D.C. Court of Appeals to continue practicing law, at least for now. Such decision was made by Judge Anna Blackburne-Rigsby, Judge Michael Farrell, and Senior Judge William Pryor last week despite the fact that Downey pleaded guilty to operating a money-transmitting business without a license. On Nov. 20, Downey was sentenced to three-years probation and $2,600 in fines.