HSBC Will Pay $1.6B to End Shareholder Lawsuit Over Subprime Unit

HSBC

HSBC Will Pay $1.6B to End Shareholder Lawsuit Over Subprime Unit

The banking giant probably wishes it had never bought Household International.

A unit of HSBC Holdings said on Thursday it will pay $1.575 billion to end a 14-year-old shareholder class action lawsuit stemming from the Household International consumer finance business that the British bank bought in 2003.

HSBC Finance Corp expects to take a roughly $585 million pre-tax charge in the second quarter for the settlement, which requires court approval. It said it could have faced liability as high as $3.6 billion.

The accord averts a second trial in the litigation, which had been expected to begin last week in the U.S. District Court in Chicago before being put on hold.

Rest here…

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Comments
One Response to “HSBC Will Pay $1.6B to End Shareholder Lawsuit Over Subprime Unit”
  1. Bruce R Nelson says:

    Yeah and I know another deal they could make go away, first as a conspiracy partner with Ocwen Financial and its former parther in fruad CEO, William Embrey who is trying to evade prosecution by sailing to Malta, oh yeah also allegedly laundering South American Drug Cartel cocaime profits for the likes of “El Chappo” Medelien Columbian cartel. HSBC is a co-conspitartor with Ocwen sharing litigation against me in Portland Dist FederalCT. I was pro se, they conned udge Brown into giving them my $340k equity to HSBC/OCWEN/AHMSI and did so without ever producing lawful proof of standing. Now Ocwen Financial is sinking like a ship full of rats, HSBC just lost a $1.6B judgemeng, and whee the hell is my money now? And that of a milion other folks scrrewed like me. HUUUUM? Why did CFPB appoint Ocwen as Ombudsman to assure ure recouver. Just 30 days ago Ocwen Ombudsman notified me that “we have lost your files (sent over 2 yrs ago) or Ocwen has misplaced them, (but don’t worry we will get your case resolved soon!)

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