HSBC Fights To Slash Stanford Bank's £118M Negligence Suit

Law360, London (July 30, 2020, 9:45 PM BST) -- HSBC urged a judge Thursday to toss the bulk of a £118 million ($154 million) suit accusing the bank of ignoring signs of a $7 billion Ponzi scheme, but the judge countered that even a sliver of the claim could end up revealing a "smoking gun."

During a High Court hearing, counsel for HSBC bank maintained that Stanford International Bank Ltd.'s claims for alleged breach of duty of care and liability in dishonest assistance were not supported by the Antigua-based lender's pleadings and should be struck.

Stanford International, which is now in liquidation, claims in its £118 million suit that HSBC...

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