HSBC reaches $1.575 billion settlement in Household case

HSBC Finance Corp said the settlement is subject to court approval and expected to result in a roughly USD 585 million pretax charge in the second quarter, including legal fees and expenses.

June 17, 2016 / 09:08 IST

A unit of HSBC Holdings Plc on Thursday said it will pay USD 1.575 billion to end a long-running securities fraud class action stemming from the acquisition of the Household International consumer finance business more than a decade ago.

HSBC Finance Corp said the settlement is subject to court approval and expected to result in a roughly USD 585 million pretax charge in the second quarter, including legal fees and expenses.

first published: Jun 17, 2016 09:08 am

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