Judge Clears HSBC In $70M Row Over Untested Hedge Funds

Law360, New York (July 9, 2012, 6:03 PM EDT) -- A New York federal judge on Monday granted summary judgment to HSBC Bank USA NA in a $70 million contract suit brought by Toledo Fund LLC alleging the bank failed to properly vet hedge funds included in a structured financial product it sold.

U.S. District Judge Katherine B. Forrest said that Toledo had given HSBC wide discretion to decide which hedge funds were eligible for the product, and had not raised a triable issue that HSBC had failed to adequately test the funds. Toledo chose to...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Toledo Fund, LLC v. HSBC Bank USA, National Association


Case Number

1:11-cv-07686

Court

New York Southern

Nature of Suit

Contract: Other

Judge

Katherine B. Forrest

Date Filed

October 28, 2011

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.