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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!