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HSBC Holdings PLC's Unit Hit With $2.46 Billion Judgment In U.S. Class Action-Reuters


Thursday, 17 Oct 2013 02:30pm EDT 

Reuters reported that a unit of British bank HSBC Holdings Plc was hit with a $2.46 billion final judgment in a U.S. securities class action lawsuit against its unit, formerly known as Household International Inc. Most securities fraud cases settle. The suit was filed in 2002 and alleged that Household International had violated securities laws by fraudulently misleading investors about the quality of its loans. The lawsuit also named as defendants former top executives of Household. HSBC is expected to appeal, according to the statement from the investors' lawyers. 

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