HSBC unit hit with $2.5B judgement for securities fraud

|About: HSBC Holdings PLC (HSBC)|By:, SA News Editor

Household International - now part of HSBC (HBC +0.5%) - had lost a class-action suit in 2009 accusing it of misleading investors about the quality of its loans in 2001-02. The firm was found to have hidden the fact that its growth came from predatory lending practices. The judgement was entered today, and Household is expected to appeal.