HSBC Hits Troutman Sanders With $75M Malpractice Suit

Law360, New York (September 10, 2012, 4:22 PM EDT) -- HSBC Bank USA NA slapped Troutman Sanders LLP and a former Troutman partner with a malpractice lawsuit in New York on Friday, claiming their negligence enabled a former fundraiser for President Barack Obama to steal $75 million after putting up nonexistent securities as loan collateral. 

HSBC retained Troutman Sanders and Robert Chanis — now a partner at Harris Beach PLLC — to negotiate the terms of a $100 million loan to political fundraiser and investment banker Hassan Nemazee, who is currently serving a 12-year prison sentence...
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