HSBC Escapes Suit Alleging Unfair Interest Rate Hikes

Law360, New York (October 11, 2012, 4:53 PM EDT) -- HSBC Bank Nevada NA on Thursday escaped a putative class action accusing it of unlawfully applying selective interest rate increases to credit card customers who default on payments, with a California federal judge ruling that the plaintiff hadn’t proven the bank had broken any law.

Granting HSBC’s motion to dismiss, U.S. District Judge Dean D. Pregerson said plaintiff Daniel Anderson had failed to prove the bank had violated either Nevada consumer law or the National Bank Act when it jacked up his interest rate after he...
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