HSBC to face class action over money laundering claims

HSBC to face class action over money laundering claims

As bank giant’s shares sink to new low, HSBC to face class action over money laundering claims

thisismoney.co.uk/money/markets/article-8775523/HSBC-face-class-action-money-laundering-claims.html

By Helen Cahill And Adam Luck, Financial Mail On Sunday

Published: 16:50 EDT, 26 September 2020 | Updated: 10:24 EDT, 27 September 2020

Two American law firms have started building class action law suits against HSBC and Standard Chartered following allegations the banking giants failed to crack down on money laundering. 

Labaton Sucharow and Schall Law, which both have a track record of pursuing vast legal claims against listed companies, said they have begun investigating the blue chip firms after leaked files caused their share prices to plunge on Monday. 

Class action lawsuits allow multiple claims against a single defendant. They are common in America where they have been successfully used against British firms and are increasingly employed on this side of the Atlantic. 

The Mail on Sunday revealed in June that HSBC faces a separate £1.3billion class action legal claim for its involvement in a film scheme used for tax avoidance. 

A cache of files released last weekend allegedly show HSBC continued to move dirty cash for clients it already suspected of nefarious activity. 

The bank raised the alarm over irregular transactions in 2,100 suspicious activity reports (SARs) filed with the US Treasury Department’s Financial Crimes Enforcement Network between 2000 and 2017. 

Banks are supposed to stop moving cash or shut down accounts if they have evidence of criminal activity. But the reports claimed HSBC did not take action.

HSBC’s share price plunged to its lowest level since 1995 following the allegations – falling 5.3 per cent on Monday to £2.88. 

Standard Chartered shares fell 5.8 per cent on the same day to £3.38. 

Labaton Sucharow lawyer David Schwartz said he is investigating the events that led to the document leak, dubbed the FinCen files. 

Brian Schall of Schall Law has urged investors to contact his firm if they suffered losses of $100,000 or more as the banks’ share prices fell. A legal source said: ‘There are listing obligations that require the disclosure of material events. 

‘It’s about whether the representations made by the banks at the time someone bought their shares were true or not.

‘It doesn’t surprise me at all that firms are considering taking legal action when shareholder value has been reduced by so much in such a short timeframe. That follows a pattern of cases that were brought after the financial crash.’ 

A spokesman for HSBC said: ‘Starting in 2012, HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions. During that period, the monitor fulfilled his role of identifying issues and making recommendations for improvement and concluded HSBC became a safer bank each year as a result of the bank’s efforts.’ 

HSBC’s share price plunged to its lowest level since 1995 following the allegations – falling 5.3 per cent on Monday to £2.88. 

Standard Chartered shares fell 5.8 per cent on the same day to £3.38. 

Labaton Sucharow lawyer David Schwartz said he is investigating the events that led to the document leak, dubbed the FinCen files. 

Brian Schall of Schall Law has urged investors to contact his firm if they suffered losses of $100,000 or more as the banks’ share prices fell. A legal source said: ‘There are listing obligations that require the disclosure of material events. 

‘It’s about whether the representations made by the banks at the time someone bought their shares were true or not.

‘It doesn’t surprise me at all that firms are considering taking legal action when shareholder value has been reduced by so much in such a short timeframe. That follows a pattern of cases that were brought after the financial crash.’ 

A spokesman for HSBC said: ‘Starting in 2012, HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions. During that period, the monitor fulfilled his role of identifying issues and making recommendations for improvement and concluded HSBC became a safer bank each year as a result of the bank’s efforts.’ 

Countrywide became a leading mortgage lender by moving away from traditional products into riskier loans. It also employed sub-standard checks on borrowers, with almost no verification of their income – a practice that almost brought down the banking system. Labaton also won $24million from Countrywide’s auditor, KPMG. 

In addition it chased Bear Stearns and Deloitte for crisisera failings, landing $295million for shareholders. 

Labaton’s ongoing cases include a major class action against Pacific Gas and Electric Company (PG&E), which was widely blamed for two huge wildfires in California. PG&E was the firm which Erin Brockovich took on as depicted in the Hollywood film starring Julia Roberts.

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Stew Webb served in the United States Marine Corps and was Honorable Discharge. Stew was a Realtor-General Contractor-Home Builder until 3 car crashes in 2010-2011 (attempted murders see picture my Van on concrete barrier below Breaking News column) and is now disabled. Stew turned Federal Whistle blower - Activist of 39 years and has been a guest on over 4,000 Radio and TV Programs since September 18, 1991 and now has his own Radio Network http://www.stewwebb.com .Stew was responsible for the Congressional Investigations and Hearings that lead to the Appointment of Independent Prosecutor Arlin Adams in the 1989 HUD Hearings, the Silverado Savings and Loan Hearings Neil Bush Director, the Denver International Airport Frauds Hearings, the MDC Holdings, Inc. (MDC-NYSE) Illegal Political Campaign Money Laundering Colorado’s biggest case aka Keating 5 Hearings and the information provided that lead to the 2008 Illegal Bank Bailout. Stew was held as a Political Prisoner from 1992-1993 to silence his exposure by Leonard Millman his former in law with illegal charges of threatening harassing telephone calls charges which were dismissed with prejudice. Leonard Millman, George HW Bush, George W Bush, Jeb Bush, Neil Bush, Bill Clinton, Hillary Clinton, Larry Mizel, Phil Winn, Norman Brownstein, John McCain and Mitt Romney to name a few are all partners in what is known as the Bush - Millman - Clinton Organized Crime Syndicate. Leonard Millman (Deceased 2004) was member of the "Illuminati Council of 13". Larry Mizel is now in control of this Organized Crime Syndicate RICO. I have contributed to the following books: * “Defrauding America”, by Rodney Stitch * "Drugging America", by Rodney Stitch * “The Mafia, CIA and George Bush” by Pete Brewton * “The Oklahoma City Bombing Power of Politics”, by David Hoffman * “Bushwacked” by Uri Dowbenko * “Silverado Savings and Loan” by Steve Wilmsen * “Drugging America” by Rodney Stitch * I was instrumental in brokering a deal that has lead to Al Martin’s new book “The Conspirators”, www.almartinraw.com I have known Al since 1991, when I had to hide from the FBI who tried to jail me for exposing,“The Bush Crime Family-Denver Connection-King Pin Leonard Millman”, my former-father-in-law. @@@@@ (Your kind and generous contributions are much appreciated and needed, Please copy and paste the link below into your browser to contribute today thank you Stew Webb. https://www.paypal.com/paypalme/SWebb822 Contributions by mail: Stew Webb federalwhistleblower@gmail.com 12820 SW K-4 HWY #B Topeka, Kansas 66601-9749 Phone: 785-213-0160)

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I am on social security disability because of 3 car crashes,  2 were attempted murder of me.

Click on the picture below and read the Private Investigators report Grandview, Missouri Police covered up for the FBI with a false report.  This broke every vertebra in my neck.–Stew Webb

 
Stew Webb December 3, 2023 my story how I became a US Whistle blower

Copy and Paste the like below in your browser:

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Attempted Murder of Stew Webb

Grandview, Missouri Police Obstruct Justice and tried to Cover up the car crash by FBI Stooges and Killers.

SEE: PROOF (Exhibits 1-22)

Larry Mizel and the Pro Jewish Mafia

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