HSBC Settles In Arbitration Clause Antitrust Action

Law360, New York (January 4, 2010, 5:11 PM EST) -- HSBC Finance Corp. has become the fourth defendant to reach a tentative deal in an antitrust class action accusing the bank and several rivals of colluding to force consumers to arbitrate disputes stemming from their credit card contracts.

The cardholders who launched the class action plan to drop all claims against HSBC, although the agreement is still subject to approval from the U.S. District Court for the Southern District of New York, according to a statement released Monday by the plaintiffs' counsel.

“We're gratified that HSBC...
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