HSBC's $1.9B Laundering Deal With Feds Gets Approval

Law360, San Francisco (July 2, 2013, 11:04 PM EDT) -- A New York federal judge Monday approved a $1.9 billion deal between HSBC Bank USA and prosecutors over alleged failures in the bank's anti-money-laundering program, but said he plans to keep close tabs on the parties' prosecution-deferral agreement, despite their objections.

U.S. District Court Judge John Gleeson blessed the controversial agreement “without hesitation,” but said he would watch over the parties for the five-year deferral term, and would require the U.S. Department of Justice to file quarterly reports with him while the case is pending....
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