On Air Now

Upcoming Shows

Program Schedule »

Tune in to Listen

1590 AM Coldwater, Michigan 95.5 FM Coldwater, Michigan

Weather

Current Conditions(Coldwater,MI 49036)

More Weather »
50° Feels Like: 46°
Wind: NW 9 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Mostly Clear 41°

Tomorrow

Sunny 64°

Tues Night

Clear 45°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

HSBC hit with $2.46-billion judgment in U.S. class action

The logo of HSBC bank is seen at its office in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren
The logo of HSBC bank is seen at its office in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

(Reuters) - A unit of British bank HSBC Holdings Plc was hit with a record $2.46 billion final judgment in a U.S. securities class action lawsuit against its unit, formerly known as Household International Inc.

The judgment by U.S. Judge Ronald Guzman in Chicago was the largest in a securities fraud class action that went to a trial, according to a statement from the Robbins Geller Rudman & Dowd law firm that represented investors. 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.

(Reporting by Tom Hals in Wilmington, Delaware; Editing by Bernadette Baum)

Comments