Attys Fear Ruling On $1.9B HSBC Accord May Threaten DPAs

Law360, New York (July 3, 2013, 7:25 PM EDT) -- A New York federal judge has invoked rare authority to scrutinize deferred prosecution agreements before approving HSBC Bank USA's $1.9 billion pact over alleged money laundering, but defense attorneys fear other courts may wield the same power to more destructive ends.

Rejecting claims by HSBC and the U.S. Department of Justice, U.S. District Judge John Gleeson ruled July 1 that he had the authority to approve the settlement and to monitor its implementation over a five-year period, citing the Speedy Trial Act. Judge Gleeson also ordered...
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