HSBC reaches $1.575 billion settlement in Household case | Reuters

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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)

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Updated Date: Jun 17, 2016 04:15:06 IST