HSBC Hit With $2.5 Billion Class Action Lawsuit

HSBC Holdings plc (ADR) (NYSE:HBC) (LON:HSBA) was hit with a record $2.46 billion (1.52 billion pounds) final judgment in a U.S. securities class action lawsuit.

The judgment, considered the largest in a securities fraud class action, was filed against a business formerly known as Household International Inc.

HSBC bought household in 2002

HSBC Holdings plc (ADR) (NYSE:HBC) (LON:HSBA) bought Household International Inc. in November 2002 for $14 billion, one year after reports emerged about the U.S. lender’s alleged dubious lending practices. In their lawsuit, the plaintiffs claimed that