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11-year case involving Household International to continue
CHICAGO, Oct. 18 () -- HSBC said it would appeal the latest ruling in an 11-year securities fraud case in which a judge in Chicago this week ordered forfeiture of $2.46 billion.The decision,[url=http://www.panyam.com/]gucci outlet online[/url], handed down by Judge Ronald Guzman of the Federal District Court in Chicago, against HSBC and three former Household International executives, included $1.48 billion in damages and $986.4 million in prejudgment interest, The New York Times reported Friday."We plan to appeal and believe we have a strong argument," said Patrick Humphris, a spokesman for HSBC."HSBC believes it has meritorious grounds for appeal on matters of both liability and damages and will argue on appeal that damages should be nil or a relatively insignificant amount," the firm said in a financial report released in August. The case focuses on Household International, which HSBC agreed to purchase in 2002 in a $14.2 billion deal that closed in 2003. In a class-action lawsuit, Household International was accused of misleading investors about the quality of its loans and its lending practices between 1999 and 2002,[url=http://www.ewwealth.com/]Cheap christian louboutin[/url], the Times said.Before HSBC bought the company, it agreed to pay $486 million to settle charges of predatory lending practices."We are very pleased that we went the distance in this case, all the way through a jury trial, and that we were able to obtain such a tremendous recovery for shareholders," said James Glickenhaus, one of the three lead plaintiffs in the case.