Request Legal Help Now - Free
LAWSUITS NEWS & LEGAL INFORMATION

$2.46B Settlement in HSBC Securities Fraud Class Action Lawsuit


This is a settlement for the Securities/Stock Fraud lawsuit.

New York, NY: Hong Kong Bank of Canada (HSBC) has been ordered to pay $2.46 billion in settlement of a securities class action lawsuit brought by shareholders of a business formerly known as Household International, which was acquired by HSBC in 2003, for $14.2bn.

In writing the verdict, Judge Ronald A Guzman of Federal District Court in Chicago ordered HSBC, as well as three of Household International's former executives, to reimburse approximately $1.48bn in damages and $986.4m in prejudgment interest.

The securities fraud class action was filed in 2002. It alleged that Household International, which currently operates as the HSBC Finance Corporation, misled investors about its lending practices and the quality of its loans and its accounting between 1999 and 2002, and engaged in predatory lending practices.

HSBC plans to appeal the verdict.

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.
Published on Oct-21-13


ADD YOUR COMMENT ON THIS ISSUE

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.
*Your Comment:

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.
Request Legal Help Now! - Free