Here at Household – HSBC Watch we thought HSBC was operating blindly before the mortgage crisis hit. Here is more evidence to that fact. Mining company First Quantum Minerals Ltd is suing HSBC Bank Canada for negligence and breach of contract, claiming that the bank recommended investing in asset-backed commercial paper shortly before this market seized up last summer. Advocates at Household – HSBC Watch are not making excuses for HSBC. The truth is we thought HSBC was so cocky that they never paid attention, and later could not stop the train before the train wreck.
HSBC recommended that it invest in 30-day notes issued by Slate Trust, Rocket Trust and Selkirk Funding Trust. Those trusts never did pay $11.3 million owed to First Quantum on their maturity dates.
Last fall Aastra Technologies Ltd alleged that HSBC Securities Canada, a unit of the Canadian bank, was negligent for selling it C$8.5 million of non-bank asset backed commercial paper. HSBC has disputed those allegations.
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[...] Another law suit for HSBC in Canada Another law suit for HSBC in Canada Here at Household – HSBC Watch we thought HSBC was operating blindly before the mortgage crisis hit. Here is more evidence to that fact. Mining company First Quantum Minerals Ltd is suing HSBC Bank Canada for negligence and breach of contract, claiming that the bank recommended investing in asset-ba… Read the full post from Household HSBC Watch Tags: 2007 HSBC via Blogdigger blog search for investments. [...]