HSBC Strikes $23M Deal To End Claims Over Card Insurance

Law360, New York (February 23, 2012, 7:04 PM EST) -- A Pennsylvania federal judge on Thursday preliminarily approved a $23.5 million class action settlement of claims that HSBC Bank USA NA lied to consumers to entice them into signing up for credit card insurance policies or enrolled them without their knowledge.

U.S. District Judge Berle M. Schiller also conditionally certified a nationwide class in an order electronically filed Thursday, which pertains to litigation in the Pennsylvania federal court where he presides and cases in five other states over HSBC's "payment protection" services.

In one of the cases, filed in Illinois, HSBC customer James W. McKinney claimed the bank had deliberately deceived...

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