HSBC to fight Keydata lawsuit

HSBC (NYSE:HSBC) declares that it will fight the $250M Keydata lawsuit that alleges it aided a major international fraud.

Thousands of U.K. investors lost their money when Keydata collapsed in 2009. The company invested many of its funds in bonds that were issued by Luxembourg-domiciled SLS Capital, which was later liquidated.

HSBC is accused of doing little to correct the misleading marketing material that displayed the bank as the bonds’ trustee, and that it did not properly investigate claims that Keydata was an alleged Ponzi scheme.

HSBC -3.7% AH

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Comments (1)
  • SA User 74XXXXX
    , contributor
    Comments (836) | Send Message
    Make me recall HSBC was another new kid in town when the financial system was leveraged to bubble level.
    27 Aug 2014, 02:22 AM Reply Like
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