Tripled Damages Under RICO Act
Legal experts remind consumers that US law allows judges to triple the damage awards in RICO (racketeering, influence and corruption) cases. Currently Household International, a predatory subsidiary of HSBC, is charged under RICO in two cases. One is Beneficial Finance and H&R Block, and the other is a Tennessee case. Some analysts think Shea v Household could result in RICO suits as well.
Tripled damages are also allowed under US terrorism law. Over 500 victims of suicide and homocide bombings prepared a suit against HSBC and other banks claiming they funneled money through accounts to fund bombings.
Total liability for HSBC, if all three suits are successful, could be as high as US$20 Billion. Others close to the investigations say that figure is low.
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