HSBC sued for selling investments now frozen
A telecom equipment company has launched the opening legal barrage in the asset-backed commercial paper mess, suing HSBC Securities (Canada) Inc. for selling $8.5-million of short-term investments that are now frozen.
Concord, Ont.-based Aastra Technologies Ltd. is seeking $5-million in damages, according to a statement of claim filed with the Ontario Superior Court of Justice. It is also suing an HSBC employee, investment adviser Nicolas Del Sorbo, alleging that he misrepresented what the commercial paper was when Aastra made the investment just a month before the market for paper seized up.
In July, Aastra put $8.5-million into an ABCP trust called Structured Investment Trust III, which was priced to yield 4.62 per cent. That’s one of the issuers whose business was frozen under the Montreal Accord. As it turns out, the underlying assets were about 94 per cent credit default swaps on long-term bonds, the lawsuit said.
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