On the legal front it appears as though HSBC USA and HSBC North America Holdings have some explaining to do. In a recent court document it was discovered that the are actual two additional holding companies as part of HSBC in the United States. Why is that?
There are actually two additional US holding […]
HSBC has been added to the list of defendants in another class action suit. Although class action suits are nothing new for HSBC - in part thanks to HSBC Finance - January 25th was when HSBC was added to a new suit. New York state officials are suing a total of 26 banks […]
The final outcome of Shea vs Household was as follows, and is filed in Superior Court for the State of California, Case Number 00CC12585, published March 19, 2004. The Honorable Stephen J. Sundvold presided.
The lawsuit alleged that Household imposed certain finance charges, late fees, a overlimit fees between October 20, 1994 and March 18, 2004 […]
The Supreme Court of Canada in April upheld the largest exemplary damages ever awarded in Quebec - the $2.5-million Household Finance Corp. was ordered to reimburse 25,000 credit-card holders over late-payment fees after the company lost a Quebec Superior Court class civil suit in May 2003. The lead plaintiff in that case was Brault […]
Beneficial National Bank is regulated by the OCC and owned by HSBC Bank Plc. Here is your April 2006 update. The attorneys will make millions and HSBC gets another stain on its reputation, but it’s doubtful that customers will even notice the opportunity to participate in this settlement.
CHICAGO — Plaintiff class representative Lynne […]
Binding arbitration is one thing, but oppressive binding arbitration is quite another. One would expect oppressive action from the nation’s biggest predatory lender - Household International - and now HSBC. Note the ‘no class action’ clause! Here is the state court and supreme court opinion, summarized for clarity:
The facts of Mandel and […]
According to a group of prominent bankers, a lawsuit brought by retailers in the US alleging a number of major credit card issuers and banks colluded to fix processing prices will have far reaching consequences for the industry at large if it is successful. The group of international bankers, Reuters reports, has warned that […]
David McIntyre v. Household Bank, No. 02 C 1537 (N.D. Ill., August 20, 2002) 2002 U.S. Dist. LEXIS 15346; Plaintiff filed a class action suit alleging that defendant violated the Truth in Lending Act (TILA), and defendant moved to stay the proceedings pending arbitration pursuant to section 3 of the Federal Arbitration Act. Plaintiff’s attorneys […]
In a California settlement for Californians only, The Court has certified a class and preliminarily approved a settlement in a case called UCAN v. Household Credit Services, Inc. In this lawsuit, plaintiffs claim that Household Credit Services, Inc. (”Household”) now known as HSBC Card Services Inc. improperly disclosed customers’ confidential information to third parties, […]
KANSAS CITY, Mo. - H&R Block Inc. has tentatively agreed to settle a class-action lawsuit over its tax-refund loans for $360 million. The nation’s largest tax preparer and its banking partner, HSBC Taxpayer Financial Services Inc., were accused of gouging customers by providing “refund anticipation loans” at interest rates frequently exceeding 100 percent. […]
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