HSBC Agrees to Pay a Record $1.6bn to Settle Household Legal Fight
HSBC has drawn a line under a long legal battle in the US by agreeing to pay a record $1.6bn to resolve a class action case stemming from its acquisition of Household International, the subprime group.
The bank said on Thursday that a US unit, HSBC Finance - formerly known as Household - would incur a pre-tax charge in the second quarter of about $585m, having agreed to pay $1.575bn to bring an end to a suit filed 14 years ago. According to the suit, Household and three of its senior executives made a series of misleading statements about lending practices and the state of the company’s books.
© Financial Times 2016
Read More Firm News
- October 14, 2021
- October 6, 2021
- September 28, 2021
- September 15, 2021
- On the Eve of Jury Trial, Twitter Pays $809 million in Securities Fraud Case Prosecuted by Robbins GellerSeptember 20, 2021