Shareholders Win $2.46 Billion In Class Suit Against HSBC Unit

Shareholders of a unit of HSBC Holdings Plc won a $2.46 billion judgment in a long-running class suit that said the firm and top executives misled investors about its lending practices and inflated its share prices (Lawrence E. Jaffe Pension Plan v. Household Int’l Inc.).

In an Oct. 17 order, Judge Ronald A. Guzman of the U.S. District Court for the Northern District of Illinois directed final judgment for the Lawrence E. Jaffe Pension Plan and other plaintiffs against Household International Inc.; William F. Aldinger, the firm’s chief executive officer; David A. Schoenholz, its chief financial officer; and ...