HSBC has to pay 2.46 billion after a class action lawsuit claiming it violated federal securities laws.Lawyers for the plaintiff said this lawsuit included $1.48 billion in damager and nearly $1 billion in prejudgement interest. This is the biggest settlement ever following a securities fraud class action trial. HSBC formerly Household International is Europe's biggest bank by market value. In the lawsuit there were three plaintiffs represented by James Glickenhaus of Glickenhaus & Co. My Glickenhaus said that the judgment, "shows that the fraud committed by Household International and the individual defendant officers will not go unpunished, and we look forward to having the judgment affirmed on appeal." The lawsuit claimed that the company fraudulently misled investors on numerous cases including, predatory lending practices, quality of loans, and its financial accounting. HSBC's U.S. shares dropped $0.08 on Thursday and are up less than 2% for the year.
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