A unit of HSBC Holdings Plc (HSBA.L) on Thursday said it will pay $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 $585 million pretax charge in the second quarter, including legal fees and expenses.
(Reporting by Jonathan Stempel in New York; Editing by Diane Craft)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Published Date: Jun 17, 2016 04:15 am | Updated Date: Jun 17, 2016 04:15 am