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HSBC must face US lawsuits over mortgage debt losses

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Published Tue, Jun 2, 2015 · 09:50 PM

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New York

HSBC Holdings plc was on Monday ordered to face three US lawsuits accusing it of breaching its duties as a trustee overseeing residential mortgage-backed securities that suffered more than US$34 billion of losses in the global financial crisis.

US District Judge Shira Scheindlin in Manhattan said that the plaintiff investors, including funds from BlackRock Inc, Allianz SE's Pacific Investment Management Co and TIAA-CREF, could pursue claims accusing HSBC of breach of contract, and concealing known defects in mortgage loans backing 283 trusts.

HSBCLawsuits

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