HSBC in $765m settlement with US Department of Justice
HSBC has reached a $765m (£582.3m) settlement in the US over its sale of mortgage-based securities during the run-up to the financial crisis.
The deal resolves claims by the US that HSBC misled buyers about the quality of the securities, which were backed by pools of home loans.
The issues, which occurred between 2005 and 2007, led to major losses by investors, prosecutors said.
As is common in such settlements, HSBC did not admit or deny the claims.
In a statement, the bank said it had since strengthened its internal controls and was “pleased” to have resolved the probe.
BBC News