HSBC Holdings Plc's unit was slapped with a record high USD2.46 billion final judgment in a US securities class action suit filed against it. The unit was formerly known as Household International Inc.

The judgment was handed down by US Judge Ronald Guzman of Chicago was the biggest ever made in a securities fraud case that went to trial. This was confirmed by lawyers for the investors Robbins, Geller, Rudman and Dowd through a statement. More often than not, securities fraud cases go into settlement.

The suit was filed back in 2002 and it alleged Household International had violated securities laws by misleading investors about the quality of its loans, thus causing these investors to lose money once these loans eventually matured.

Included in the lawsuit as defendants, in their personal capacities, were the former top executives of Household. For its part, HSBC is expected to file an appeal on the decision, according also to the investors' lawyers' statements.