News

• Wall Street pushes for exemptions in state social-media monitoring laws

  Even as several states have put in place, or are proposing new laws barring employers from monitoring the social media activities of their employees, one Wall Street regulator is seeking exemptions to such rules for some financial services companies.

• Retailer faces uphill battle in US$13M lawsuit against Visa, analyst says

  Specialty retailer Genesco faces an uphill battle in its precedent-setting US$13.3 million lawsuit against Visa USA, a Garner analyst said.

• Experts unsure whether Iran is behind bank DDoS attacks

  Though U.S. officials blamed Iran for an ongoing stream of distributed denial of service attacks against major U.S. banks, security experts say there's not enough evidence yet to assign blame.

• Citigroup cutting IT jobs, shifting some work offshore

  Citigroup is cutting 11,000 jobs, many in IT, as part of a restructuring announced Wednesday.

• Construction company, bank, settle dispute over $345,000 cyber heist

  A Maine construction company that sued its bank after losing $345,000 in an online banking heist settled its dispute after a protracted legal battle that raised questions about a bank's responsibility in protecting customer accounts against cyber fraud.

• Even with prep, did Wall Street's business continuity plans fail?

  A report slams Wall Street for lack of foresight in preparing for a megastorm the size of Hurricane Sandy, stating that the New York Stock Exchange shut down for two days in part because it was not ready to use an all-electronic trading system during the disaster.

• NYC shuts parts of lower Manhattan, other areas due to hurricane

  Parts of New York City received mandatory evacuation notices from the governor's office as Hurricane Sandy came ashore Monday. Along with other businesses in the city's financial district, the New York Stock Exchange voluntarily shut down.