HSBC to pay $1.6bn to investors to settle 14-year litigation

Preliminary approval has been granted to a $1.6bn payout by HSBC to investors. The payout will mark a step in closing the 14-year long litigation against the bank after it was accused of concealing fraudulent lending practices from investors.

By Jessica Corso (June 23, 2016, 3:39 PM EDT) -- An Illinois federal judge on Thursday granted preliminary approval to a $1.6 billion payout by HSBC that will wrap 14 years of litigation accusing a company predecessor of hiding fraudulent lending practices from investors....

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