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HSBC sued over asset-backed commercial paper, subprime

HSBC sued over asset-backed commercial paper, subprime

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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This entry was posted on Wednesday, October 24th, 2007 at 9:24 pm and is filed under 2007 HSBC. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “HSBC sued over asset-backed commercial paper, subprime”

  1. […] 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. […]

  2. […] 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. … […]

  3. […] 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 […]

  4. Secured Home Loans for UK Homeowners

    links to good articles on secured loans / homeowner loans

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