October 9, 2017 / 8:04 PM / a year ago

Royal Park sues HSBC over tapping trust funds for legal defense

Investors in a residential mortgage-backed securities trust have filed a proposed class action against HSBC Bank USA, accusing it of siphoning off money from the trust for its own legal costs.

Filed on Friday in Manhattan federal court, the lawsuit by Belgium-based Royal Park Investments seeks damages for hundreds of investors in three residential mortgage-backed securities (RMBS) trusts who lost money in the wake of the financial crisis.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2wIyTyL

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