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HSBC loses attempt to cancel $1.5B Household fraud verdict

  • HSBC (HBC) is liable for about $1.5B in damages and interest after U.S. District Judge Ronald Guzman rejected the British bank's bid to quash a 2009 securities fraud verdict.
  • The case relates to Household International, which HSBC bought in March 2003 for $15.5B. In 2002, Household shareholders sued the company, alleging that the firm and three senior managers misled them about its mortgage-lending practices.
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