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HSBC Finance Corporation (HSBC Finance) has agreed to pay $1.58 billion to resolve a securities fraud class action which stemmed from the bank’s takeover of a US sub-prime lender, Household International, over a decade ago.
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The 14-year-old lawsuit by Household’s shareholders alleged that the company and some of the company’s executives had made false and misleading statements that inflated the company’s share price.
The lawsuit also alleged that Household, now known as HSBC Finance, had failed to ... (read more)