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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. […]