HSBC to Pay $1.58 Billion to Settle Subprime Suit – WSJ

A unit of British bank HSBC Holdings PLC has reached a preliminary agreement to pay $1.58 billion to settle a shareholder class-action complaint over securities fraud tied to the bank’s U.S. subprime lending.The proposed settlement—which would cover those who owned Household International stock anytime between March 23, 2001, and Oct. 11, 2002 —is subject to court approval. HSBC estimated it would book a $585 million charge, before taxes, in the second quarter.

Source: HSBC to Pay $1.58 Billion to Settle Subprime Suit – WSJ

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s