Judge Won't Let HSBC Hong Kong Kill Discovery In Ponzi Suit

By Dean Seal (July 20, 2019, 2:40 AM BST) -- A New York federal judge on Friday said he would not reconsider his decision to order jurisdictional discovery for claims that HSBC's Hong Kong affiliate aided a Ponzi scheme that pulled $37 million from investors' pockets.

In May, U.S. District Judge Paul A. Engelmayer dismissed HSBC's U.S. unit from the suit claiming both it and the bank's Hong Kong affiliate, Hong Kong and Shanghai Banking Corp. Ltd., "knowingly delivered, organized, converted and laundered" money for the alleged Ponzi scheme, which was known as WCM777 and purportedly lured the plaintiffs and other investors into buying "packages" of cloud computing services that promised...

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