HSBC Appeals a $2.46 Billion Judgement

http://www.nytimes.com/2013/10/19/business/international/hsbc-to-appeal-2-46-billion-judgment.html?ref=economy

This article describes HSBC’s appeal to a lawsuit that claims that it violated federal safeties law. The shareholder’s lawsuit claimed that Household International, which is now HSBC Finance Corporation, misled investors about its quality of loans and its accounting between 1999 and 2002. This lawsuit has going on for eleven years and is noted in HSBC’s corporate filing. The articles also explains how there are around 45,000 plaintiffs involved with the case. Resulting in over 20,000 claims made in the lawsuit against HSBC.