HSBC Holdings Plc’s Canadian unit became the first financial adviser in the country to be sued over investments in asset-backed commercial paper that were frozen following the U.S. subprime mortgage industry collapse.
Aastra Technologies Ltd., which makes telecommunications equipment, filed the suit today in Ontario Superior Court, alleging HSBC and adviser Nicolas Del Sorbo gave bad advice in recommending asset-backed commercial paper investments. The assets have been frozen since August. Asset-backed commercial paper consists of short-term notes issued by special-purpose trusts created to hold longer-term investments.
Del Sorbo “acted negligently in failing to perform the necessary investigations” of the investments, Aastra said in its complaint. “But for Del Sorbo’s representations, Aastra would not have made the investment.”
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[...] As reported by Household - HSBC Watch and others, HSBC Holdings Plc’s Canadian unit became the first financial adviser in the country to be sued over investments in asset-backed commercial paper that were frozen following the U.S. subprime mortgage industry collapse. [...]
[...] admin wrote an interesting post today onHere’s a quick excerptHSBC Holdings Plc’s Canadian unit became the first financial adviser in the country to be sued over investments in asset-backed commercial paper that were frozen following the US subprime mortgage industry collapse. … [...]
[...] By Research HSBC Holdings Plc’s Canadian unit became the first financial adviser in the country to be sued over investments in asset-backed commercial paper that were frozen following the US subprime mortgage industry collapse. … householdwatch.com/wp/2007/10/24/hsbc-sued-over-asset-backed-commercial-paper-subprime Household HSBC Watch householdwatch.com/wp [...]
Secured Home Loans for UK Homeowners
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[...] HSBC ended the year up by 10%, apparently because the $17 b loss it took on subprime in the US and Europe was made up by its gains in Asia. But HSBC has had other problems, including litigation rising from the subprime hit and another hit from its exposure to Madoff’s fund. There are a number of others described as actively involved in or interested in the Indian market - among them, HSBC, Fullerton India, and Stanchart, according to this piece in Sept 2007 in The Business Standard. [...]