HSBC Hit With $2.5 Billion Class Action Lawsuit

HSBC Holdings plc (ADR) (NYSE:HBC) (LON:HSBA) was hit with a record $2.46 billion (1.52 billion pounds) final judgment in a U.S. securities class action lawsuit. The judgment, considered the largest in a securities fraud class action, was filed against a business formerly known as Household International Inc. HSBC bought household in 2002 HSBC Holdings plc (ADR) (NYSE:HBC) (LON:HSBA) bought Household International Inc. in November 2002 for $14 billion, one year after reports emerged about the U.S. lender’s alleged dubious lending practices. In their lawsuit, the plaintiffs claimed that Household artificially boosted its share price by engaging in predatory lending and hid…