HSBC Reaches Deal To Settle NCUA Suit Over RMBS

By Jon Hill (January 4, 2022, 8:59 PM EST) -- HSBC's U.S. banking arm has reached a tentative deal to resolve long-running claims tied to its role as trustee for residential mortgage-backed securities that were sold to several now-failed corporate credit unions before the 2008 financial crisis, according to a Monday filing by a New York federal judge.

In an order, U.S. District Judge Lorna G. Schofield said a "settlement in principle" has been reached in a 2015 suit from the National Credit Union Administration that accused HSBC Bank USA NA of mismanaging nearly three dozen pre-crisis RMBS trusts under its stewardship.

No settlement terms were disclosed as part of the...

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