NEW YORK, Jan. 10, 2005 (PRIMEZONE) — The law firms of Kirby McInerney & Squire, LLP and Levy Angstreich Finney Baldante, Rubenstein & Coren, P.C. announce that the United States Supreme Court today denied defendants’ petition to review the certification of a nationwide class asserting federal Racketeer Influenced and Corrupt Organizations Act (“RICO”) claims against H&R Block, Inc. and Household International, Inc. (successor to Beneficial Corporation), now a subsidiary of HSBC Holdings PLC. The plaintiff class alleges that defendants, among other things, deceived customers seeking tax refunds into obtaining high interest loans.
Consumer advocates at Houshold – HSBC Watch said the move is another step in further RICO claims against Household including new claims possibly related to Shea v Household.
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A wholly owned subsidiary of Polaris has an agreement with Household to provide private label retail credit financing through installment and revolving loans to Polaris consumers through Polaris dealers in the United States. The receivable portfolio is owned and managed by Household and its affiliate and is funded by Household and its affiliate except to the extent of a cash deposit by Polaris’ subsidiary equal to seven and one-half percent of the revolving credit portfolio balance.
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On Juanuary 12, 2005, according to PR NewsWire, “HSBC – North America today announced that Andrew Armishaw, group executive and chief information officer, HSBC – North America, has been recognized by IDG’s Computerworld magazine as one of the business world’s Premier 100 IT Leaders.”
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HSBC was been beaten by Standard Chartered in a high-profile bid for Korea First Bank, as reported on January 13, 2005. Standard Chartered has confirmed that it will buy the South Korean bank for £1.8billion. StanChart snatched the bank from HSBC in a quickly convened deal over Christmas. HSBC now has Korea Exchange Bank as its only near-term option to expand in the market.
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When Household agreed to their famous $484 million nationwide settlement in 2002, it pertained to complaints, investigations and examinations related to Household’s conduct with respect to the following lending practices (collectively, “the Lending Practices”):
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