HSBC pays $1.6 billion to end 14-year mortgage-lending lawsuit

HSBC pays $1.6 billion to end 14-year mortgage-lending lawsuit HSBC Holdings Plc agreed to pay $1.58 billion to settle a 14-year-old shareholder lawsuit over allegations that executives of a U.S. subprime-lending business acquired by the bank misled investors.

The U.S. Attorney’s office was already deep into an investigation into JPMorgan’s mortgage-lending practices. his payment is capped at $1.6 million under FIRREA because the False Claims Act portion.

Expects to take $585 million pre-tax charge. Thursday, a unit of HSBC Holdings said it will pay $1.575 billion in order to end a 14-year old shareholder class action lawsuit. The lawsuit stems from questionable mortgage lending undertaking more than a decade ago from the Household International consumer finance business.

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Thursday, a unit of HSBC Holdings said it will pay $1.575 billion in order to end a 14-year old shareholder class action lawsuit. The lawsuit stems from questionable mortgage lending undertaking more than a decade ago from the Household International consumer finance business that HSBC bought in 2003, according to an article by Jonathan Stempel for Reuters .

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District Judge Denise Cote in Manhattan clears the way for HSBC to face trial Sept. 29 in a case by the Federal Housing Finance Agency that the bank has estimated could expose it to $1.6 billion.