MoneyGram Dodges Suit Over Money Laundering Compliance

Law360 (January 4, 2021, 8:04 PM EST) -- The Delaware Court of Chancery tossed a shareholder suit alleging wire transfer service MoneyGram and its board failed to ensure compliance with anti-money laundering requirements leading to federal investigations and more than $225 million in fines, with the court finding Thursday that "feckless oversight" differs from bad faith oversight.

Delaware Vice Chancellor Sam Glasscock III wrote in a memorandum opinion dismissing the shareholder suit against MoneyGram and its board that the company had tried and failed to implement effective anti-fraud controls, and noted that "bad oversight is not bad-faith oversight, and bad oversight is the most that these facts could plausibly...

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