HSBC To Settle Credit Card Protection Class Action

Law360, New York (July 28, 2011, 4:10 PM EDT) -- A class action brought by consumers against HSBC Bank USA NA over its allegedly deceptive credit card insurance policies is near settlement, an Illinois federal judge said Thursday.

U.S. District Judge J. Phil Gilbert said both sides have indicated they are ready to settle the nine-month-old case, brought by HSBC credit card holder James W. McKinney over what he called HSBC's “deceptive scheme” to offer credit card payment protection plans with terms so onerous they were effectively useless.

Judge Gilbert cleared pending motions and ordered the...
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