HSBC to Appeal $2.5 Billion Judgment in Chicago - Report
DOW JONES NEWSWIRES
Britain's biggest bank, HSBC, has been ordered to pay $2.5 billion by a court in Chicago in the largest class action judgment in legal history, The Guardian reported on its website Sunday.
HSBC intends to appeal against the decision in what it sees as the latest stage in an 11-year legal battle sparked by shareholders in Household International, the consumer lending business it bought in 2002, The Guardian said.
The complaints by the shareholders relate to the period before HSBC bought the business, when the shareholders claimed they had been misled about accounting and lending practices by the previous management team of Household, The Guardian said.
Newspaper website: www.guardian.co.uk
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