International finance disputes in 2025 span crypto fraud, anti-money-laundering violations, market-manipulation cases, and mass consumer actions. Enforcement is increasingly coordinated across borders, with U.S., UK, and EU authorities driving headline outcomes and new recovery options for investors and consumers.
Landmark Crypto & Markets Cases Shaping 2025
Ripple and the boundaries of U.S. securities law for tokens
In 2025, the SEC reported a court-ordered injunction against Ripple for institutional XRP sales as unregistered securities and a civil penalty exceeding $125 million, while other sales were not deemed securities—an outcome still under appeal. The case is a key reference for token distributions to institutions vs. secondary-market trading.
Terraform Labs / Do Kwon: multibillion-dollar civil settlement and criminal pleas
A federal jury found Terraform and its founder liable in 2024; the SEC settlement in June 2024 totals roughly $4.5 billion, with asset transfers to the bankruptcy estate for victim distribution. In August 2025, Do Kwon pleaded guilty in U.S. court to fraud-related charges, underscoring cross-border accountability.
FTX / Sam Bankman-Fried: 25-year sentence and related convictions
In March 2024, SBF was sentenced to 25 years by SDNY; additional FTX executives also received prison terms, reinforcing that large-scale crypto frauds are prosecuted like traditional financial crimes.
Archegos: market manipulation and bank losses
Archegos founder Bill Hwang was convicted in 2024; he was sentenced to 18 years in December 2024, highlighting U.S. authorities’ willingness to pursue complex market-manipulation schemes that trigger global prime-broker losses.
Major AML and Sanctions Enforcement
Danske Bank and the cross-border AML playbook
Danske resolved U.S. criminal and SEC cases in 2022 with combined penalties and forfeitures exceeding $2 billion for AML failures at its Estonian branch; related European proceedings continued into 2024–2025. The matter remains a template for multi-jurisdiction coordination.
Global trendline: outsized penalties for AML control failures
Across 2012–2024, multiple banks incurred multibillion-dollar penalties for AML or sanctions lapses, with 2024–2025 actions (e.g., TD Bank, Binance) reflecting sustained pressure on compliance.
Europe’s Corporate Scandals and Investor Actions
Wirecard: continuing litigation and director liability
German courts have ordered former Wirecard leaders to pay €140 million in damages related to unrepaid loans; the criminal trial timetable has been extended through 2025 as civil claims continue.
1MDB: continuing fallout and individual accountability
Global enforcement over the Malaysian 1MDB scandal continues; in 2025, press reports noted fresh extradition efforts and recent sentencing of key figures, alongside prior corporate settlements.
Class and Collective Actions: Routes Beyond Regulators
UK collective proceedings and the Merricks Mastercard settlement
After the UK Supreme Court’s 2020 decision enabling the case to proceed, Mastercard reached a ~£200 million settlement in 2025 in the Merricks collective action—illustrating the UK’s maturing regime for opt-out competition claims.
EU Representative Actions Directive (RAD) and national toolkits
Since June 2023, the EU’s RAD has required member states to enable qualified entities to bring representative actions for consumer protection. This framework increases cross-border consumer redress potential in finance-adjacent cases.
The Netherlands’ WAMCA as a venue for cross-border claims
The Dutch collective action law (WAMCA) allows representative bodies to seek damages on an opt-out basis for Dutch residents (and opt-in for others), making the Netherlands a hub for Europe-wide mass claims. Recent filings show its growing use.
Jurisdiction & Enforcement: From “Morrison” To Global Judgment Recognition
U.S. limits on extraterritorial securities claims
The U.S. Supreme Court’s Morrison decision restricts private securities claims to domestic transactions or securities listed on U.S. exchanges—shaping strategies in cross-border investor suits.
The 2019 Hague Judgments Convention improves cross-border enforcement
The HCCH 2019 Judgments Convention entered into force in 2023 for the EU and Ukraine and, as of July 1, 2025, for the UK—promising easier recognition and enforcement of civil and commercial judgments across contracting parties. This can materially simplify international financial recovery efforts.
Consumer Fraud and Bank Liability: Lessons From the UK Supreme Court
APP fraud and the bank’s duty to execute instructions
In Philipp v Barclays (2023), the UK Supreme Court held that banks generally do not owe a duty to refuse or delay executing a customer-authorised instruction even if it might be a scam, narrowing claims under the “Quincecare” line of cases. Post-2024 reimbursement rules aim to protect many APP-fraud victims through regulatory routes rather than tort duties.
Practical Playbook for Companies and Claimants
H4 Map your forum and cause of action
Check Morrison constraints for U.S. securities claims; consider UK CAT for competition damages, Dutch WAMCA for EU-wide consumer claims, or RAD-based actions in EU states.
H4 Preserve evidence and align with regulators
Early engagement with authorities (SEC/DOJ/FCA/ESMA) improves recovery prospects; civil claims often follow or piggyback on regulatory findings and admissions.
H4 Plan cross-border enforcement from day one
If you expect to enforce outside your home court, structure claims and settlements to fit the 2019 Judgments Convention where applicable; otherwise, budget time for exequatur or local recognition proceedings.
H4 For AML and sanctions exposure, benchmark penalties and remediation
Danske, Binance and other cases show the value of prompt remediation, independent monitors, and coordinated settlements to reduce duplicative penalties.
FAQs
Are crypto cases still treated differently from traditional securities fraud?
Not in core enforcement posture: U.S. courts and agencies increasingly apply the same fraud, market-manipulation, and registration principles—illustrated by FTX’s criminal sentencing, Terraform’s SEC settlement, and Ripple’s mixed ruling.
What’s the most important change for cross-border enforcement in 2025?
The UK’s entry into the 2019 Hague Judgments Convention on July 1, 2025, which should gradually ease recognition/enforcement of many civil and commercial judgments among contracting parties.
If I’m a consumer or small investor in the EU, how can I join a case?
Look for qualified entities bringing actions under the EU’s Representative Actions Directive, or, for EU-wide claims, monitor filings under the Netherlands’ WAMCA regime.
