HSBC Gains Edge Against $1 Billion SVB Banker-Poaching Suit (2)

A federal judge expressed doubt about the merits of a $1 billion lawsuit by First Citizens Bank & Trust Co. accusing HSBC Holdings Plc of stealing trade secrets when it recruited dozens of bankers who had just joined First Citizens after it took over failed Silicon Valley Bank.

In an order late Tuesday, US Magistrate Judge Laurel Beeler in San Francisco dismissed most of the allegations, but left in place certain claims of trade secret theft and one for breach of contract.

“Maybe discovery will support claims for a nefarious scheme to poach trade secrets and steal a business ...