HSBC Awarded New Trial in $2.5 Billion Securities Fraud Case
Yesterday, the Seventh Circuit court of appeals on granted a HSBC Holdings PLC (HSBC) unit a new trial in a securities suit after Plaintiff’s received a $2.5 billion verdict against the giant bank’s mortgage unit. The suit alleged top executives at the mortgage unit HSBS Finance Corp. (formerly known as Household International, Inc) made misleading statements about the company’s lending practices, accounting and loan quality. In setting aside the verdict, the appellate court found the jury hadn’t’t considered how some true statements made by the company brass had affected its stock price and sent the case back to the trial court for further consideration.
The experienced securities fraud attorneys at Colling Gilbert Wright & Carter have successfully represented investors who purchased mortgage backed securities based on incomplete or misrepresented information. If you have suffered losses as a result of omissions or misrepresentations during the purchase of a security, please contact us for a free case evaluation.