HSBC Settles Fraud Case For $23M

Law360, New York (May 4, 2007, 12:00 AM EDT) -- HSBC Bank has agreed to shell out over $23 million to settle charges that it helped Pension Fund of America steal tens of millions of dollars from Latin American investors.

In a joint motion filed Thursday, HSBC, one of the largest banking and financial services organizations in the world, agreed to turn over the $12.8 million it was holding on deposit in PFA accounts, along with an additional $10.5 million.

If the U.S. District Court for the Southern District of Florida approves the settlement, about 3,400...
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