HSBC Will Appeal $2.46 Billion Court Ruling

Fine is the largest ever for a securities fraud class action lawsuit

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Fabrice Coffrini / AFP / Getty Images

A sign of HSBC private bank (Suisse) is seen on June 14, 2013 in the center of Geneva.

HSBC has said it will appeal the record-breaking $2.46 billion fine imposed after a securities class action lawsuit against Household International, a U.S. credit card and mortgage lender HSBC acquired in 2002.

The case was brought against Household and its chief executives in 2002 for making false and misleading statements, boosting the value of the company’s shares. HSBC has already lost billions of dollars on the acquisition, following the effects of the subprime crisis on Household’s portfolio.

[FT]

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