From computer glitches to no license to operate in certain states, Household - HSBC Watch is investigating various reports. Meanwhile, there is little news from HSBC. In a lawsuit filed last week in U.S. District Court for the Southern District of Florida, HSBC was accused of a “lack of scrutiny” that “falls far short of the legal duties owed and representations made.” HSBC was a custodian bank for Bernard L. Madoff Investment Securities LLC. Of course HSBC continues to defend against all charges.
In India HSBC is not happy with a 30 percent cap on credit card rates. The Supreme Court today stayed the judgement of the National Consumer Commission, which had capped the interest rate chargeable on credit card holders at 30 per cent. In September 2008, the Indian Banks’ Association, Standard Chartered Bank, HSBC and Citibank had appealed against the judgment and it was admitted for hearing.
Consumer group ‘Awaaz’ that had moved the commission last year argued that the commission had failed to notice that the banks were charging more than 90 per cent if one took into account the interest on default combined with the hidden costs.
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