HSBC Clinches Venue Change For $70M Due Diligence Suit

Law360, New York (November 1, 2011, 3:18 PM EDT) -- HSBC Bank USA NA on Monday removed to New York federal court a $70 million breach of contract suit accusing it of failing to properly vet hedge funds included in a European call option it sold.

Toledo Fund LLC's suit, which it filed Sept. 30 in New York County state court, will now be overseen by U.S. District Judge Laura Taylor Swain of the Southern District of New York.

Toledo Fund says HSBC failed to satisfy its contractual obligation to ensure that the funds included in...
To view the full article, register now.