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Hua Nan Commercial Bank et al v. HSBC Bank USA NA et al
Case Number:
2:10-cv-08773
Court:
Nature of Suit:
Judge:
Firms
Companies
Sectors & Industries:
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November 28, 2011
HSBC Settles $525M Suit Over PEMGroup Fraud
HSBC Holdings PLC and six Taiwanese banks moved Wednesday to settle the banks' suit in California federal court claiming that HSBC's U.S. banking subsidiary helped Private Equity Management Group Inc. fleece them out of more than $500 million in an alleged Ponzi scheme.
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May 23, 2011
HSBC Can't Shake $525M Suit Over PEMGroup Fraud
HSBC Bank USA NA on Thursday failed to upend a $525 million suit brought by six Taiwanese banks in California implicating it in deceased financier Danny Pang's Private Equity Management Group Inc. Ponzi scheme.