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Friday, Oct 18
HSBC to appeal $2.5B ruling against Household
- HSBC (HBC) plans to appeal a U.S. court ruling that it pay $2.46B from a case involving Household International, the credit card and mortgage lender that the British bank bought in 2002 for $14B.
- Household lost a class-action lawsuit charging that it misled investors about the quality of its loans in 2001-02 - before the HSBC purchase - and thereby inflating its share price. Household was also accused of predatory lending.