HSBC to Pay $1.75bn to Settle Household Intl Class Action – ShareCast News

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HSBC said it will pay $1.57bn to end a class action lawsuit over its 2003 purchase of Household International that could have exposed it to $3.6bn in payouts.

The bank said it would take a pre-tax charge of around $585m in the second quarter.

HSBC merged Household International with another unit to create HSBC Finance. The business lent money to people with poor credit histories. 

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