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HSBC's loss may increase over time
The largest European bank in terms of market value, HSBC Holdings Plc, filed an appeal for the US jury verdict that promulgated a USD2.46 billion judgment as additional liabilites from the said securities fraud case remains unresolved.
The money judgment, which was read yesterday by US District Court Judge Ronald A. Guzman, said it did not account for more than 25,000 remaining pending claims that exceed a total of USD650 million. This was according to the statement issued by the lawyers for the plaintiffs Michael Down and Spencer Burkholz of Robbins Geller Rudman and Dowd LLP.
The lawyers said, "Judge Guzman also ordered the defendants to pay post judgment interest which will accrue during the defendant's appeal."
The report stems from the decision of a Chicago federal jury found that in 2009, executives of Household International, now a unit of HSBC Finance Corp perpetrated misleading statements to its investors concerning its business practices.
For its part, HSBC spokesperson Patrick Humphris said through an emailed statement, "We plan to appeal and we believe we have a strong argument."