HSH Nordbank Faces $1.14 Billion Claims Over Bond Valuation (2)

HSH Nordbank, a former German state lender acquired by a group of funds led by Cerberus Capital Management, was sued by 18 investors seeking a total of 1 billion euros ($1.14 billion) over accounting practices they say were used to write down the value of their hybrid bonds.

The suits were filed at the Kiel Regional Court, law firm Quinn Emanuel Urquhart & Sullivan LLP said without naming its clients. The investors are seeking to write-up their tier-1 instruments to par and also to obtain compensation for missed coupons, the law firm said in an emailed statement.

The lawsuit follows ...