HSBC Can't Shake Captive Reinsurance Kickback Suit

Law360, Los Angeles (June 28, 2013, 3:21 PM EDT) -- A Pennsylvania federal judge on Thursday refused to toss a proposed class action claiming HSBC USA Inc. received kickbacks from private mortgage insurers, saying the plaintiffs' claims aren't time-barred because they couldn't have discovered the alleged scheme until after the statute of limitations expired.

U.S. District Judge Paul S. Diamond Thursday denied motions to dismiss by HSBC and private insurance companies United Guaranty Residential Insurance Co., Genworth Mortgage Insurance Co., Republic Mortgage Insurance Co. and Mortgage Guaranty Insurance Co. Judge Diamond said he won't dismiss the...
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