US: HSBC to pay $30M to settle bond rigging suit

US: HSBC to pay $30M to settle bond rigging suit

HSBC has agreed to pay US$30 million to settle litigation by investors who accused 11 big banks of rigging the roughly US$9 trillion government agency bond market from 2009 to 2015. The settlement with the British bank was made public late Wednesday night, January 9, in the federal court in Manhattan, and requires approval by […]

UK: Former HSBC FX trader wins appeal against extradition to US

UK: Former HSBC FX trader wins appeal against extradition to US

HSBC’s former head of currency trading has won a last-ditch battle to block his extradition to the US, reported Bloomberg. In the US he faces 11 charges of foreign exchange rigging which each carry a maximum 30-year prison sentence. Stuart Scott on Tuesday, July 31, won an appeal in the  UK high court against his […]

US: HSBC agrees to pay US$100m to settle US antitrust suit

US: HSBC agrees to pay US$100m to settle US antitrust suit

HSBC has agreed to pay US$100 million to settle an antitrust lawsuit by over-the-counter investors in the United States, including the city of Baltimoreand Yale University, who claimed they were harmed when they bought securities tied to rigged Libor. The settlement will need to be approved by a federal judge in Manhattan. The investors said […]

US: HSBC trader Mark Johnson convicted of fraud for front-running

US: HSBC trader Mark Johnson convicted of fraud for front-running

A former HSBC banker has been found guilty by a US jury of defrauding a UK-headquartered energy firm in a US$3.5 billion currency trade. Mark Johnson, who was HSBC’s head of global cash foreign exchange trading, was found guilty on nine counts, in a Brooklyn, New York, courtroom. Johnson, 51, was accused of exploiting confidential […]

US: HSBC trader defends his actions in US$3.5b FX deal

US: HSBC trader defends his actions in US$3.5b FX deal

Former HSBC Holdings currency trader Mark Johnson took the witness stand on Thursday, October 12,  insisting that he cheated no one in a US$3.5 billion foreign-exchange transaction. Johnson is accused of fraud for buying British pounds ahead of a client’s order, forcing the client to pay a higher price. The bank made an US$8 million […]

US: Former HSBC trader to fight extradition in forex case

US: Former HSBC trader to fight extradition in forex case

A British former trader at HSBC is to fight extradition to the US to face charges of manipulating foreign-exchange benchmarks. Stuart Scott, 44, was arrested on Monday in the UK at the behest of US authorities, who have charged him and his former boss with forex-rigging. He was conditionally bailed after posting $140,000 USD security. […]

US: HSBC, bondholders reach settlement over Libor rigging

US: HSBC, bondholders reach settlement over Libor rigging

Legal action against financial majors allegedly involved in the manipulation of the London Interbank Offered Rate continues at full speed, with the latest piece of news on this front coming from the new New York Southern District Court and, in particular, an antitrust case involving HSBC and a group of US bondholders. According to a […]

Saudi Arabia: HSBC, RBS Saudi ventures in talks to form $78Bn bank

Saudi Arabia: HSBC, RBS Saudi ventures in talks to form $78Bn bank

A combination of the Saudi Arabian ventures of HSBC and Royal Bank of Scotland will break an almost 20-year drought for mergers and acquisitions in the country’s banking industry that may spur more deals across the kingdom. The potential merger of HSBC’s Saudi British Bank and Alawwal Bank comes as lenders in the Persian Gulf’s […]

US: Goldman Sachs, UBS, and HSBC cleared in metals antitrust case

US: Goldman Sachs, UBS, and HSBC cleared in metals antitrust case

A US judge on Tuesday significantly narrowed private litigation accusing several big banks and German chemical giant BASF of conspiring to suppress platinum and palladium prices. US District Judge Gregory Woods in Manhattan dismissed claims against BASF, Switzerland’s UBS Group, South Africa’s Standard Bank and the London Platinum and Palladium company fixing. In a 104-page […]