HSBC to pay $1.75bn to settle Household Intl class action
HSBC said it will pay $1.57bn to end a class action lawsuit over its 2003 purchase of Household International that could have exposed it to $3.6bn in payouts.
Banks
3,895.51
17:09 19/04/24
0.33%
12.92
FTSE 100
7,895.85
16:59 19/04/24
n/a
n/a
FTSE 350
4,341.08
17:09 19/04/24
n/a
n/a
FTSE All-Share
4,296.41
17:08 19/04/24
n/a
n/a
HSBC Holdings
646.20p
16:44 19/04/24
0.25%
1.60p
The bank said it would take a pre-tax charge of around $585m in the second quarter.
HSBC merged Household International with another unit to create HSBC Finance. The business lent money to people with poor credit histories.