HSBC Inks $1.6B Deal To End 14-Year Investor Class Row
Law360, Los Angeles (June 16, 2016, 6:12 PM EDT) -- Hours before the kickoff of a second trial in the case, HSBC Holdings PLC said Thursday it had reached a $1.575 billion deal to resolve a securities class action over alleged fraudulent lending practices, signaling an end to 14 years of litigation that included a $2.4 billion judgment vacated by the Seventh Circuit last year.
HSBC's $1.575 billion settlement is the largest ever following a securities fraud class action trial and the largest in the Seventh Circuit, Robbins Geller Rudman & Dowd LLP, which represented the plaintiffs, said in a statement. (Credit: AP) The $1.575 billion settlement is the largest ever following...
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