HSBC Inks Deal To Repay Borrowers For Auto-Charged Fees

By Dean Seal (April 25, 2019, 10:01 PM EDT) -- While a deal was reached nearly a year ago, HSBC and one of its customers have finally filed a motion for approval of a settlement that would have the bank repay defaulted borrowers who were automatically charged certain fees.

The settlement, handed to a New York federal judge on Thursday, would have HSBC Bank USA NA pay New Yorkers more than double the amount they were charged for certain allegedly unnecessary fees and reimburse the amounts charged to those outside the state.

The settlement notes that HSBC denies lead plaintiff Dawn Tardibuono-Quigley's allegations that its automated system indiscriminately charged its defaulted...

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