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HSBC wins OK of record $1.92 billion money-laundering settlement

Posted By admin On July 3, 2013 @ 5:22 am In Money Watch | Comments Disabled

Jonathan Stempel
Reuters [1]
July 3, 2013

A federal judge has approved HSBC Holdings Plc’s (HSBA.L)(HBC) record $1.92 billion settlement with federal and state investigators of charges that it flouted rules designed to stop money laundering and thwart transactions with countries under U.S. sanctions.

While noting “heavy public criticism” of the settlement, which enabled HSBC to escape criminal prosecution, U.S. District Judge John Gleeson in Brooklyn, New York, called the decision to approve the accord “easy, for it accomplishes a great deal.”

Gleeson ruled on Monday after more than six months of review, rejecting arguments by the U.S. government and HSBC that federal judges lacked “inherent authority” over the approval or implementation of so-called “deferred prosecution agreements.”

Full article here [1]


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URLs in this post:

[1] Reuters: http://finance.yahoo.com/news/hsbc-wins-ok-record-1-231539560.html

[2] HSBC fears U.S. money laundering fines to top $1.5 billion: http://www.prisonplanet.com/hsbc-fears-u-s-money-laundering-fines-to-top-1-5-billion.html

[3] Banking giant HSBC to pay £1.2bn to settle U.S. probe into money-laundering for Mexican drug cartels: http://www.prisonplanet.com/banking-giant-hsbc-to-pay-1-2bn-to-settle-u-s-probe-into-money-laundering-for-mexican-drug-cartels.html

[4] Ground Zero workers settlement unfair: judge: http://www.prisonplanet.com/ground-zero-workers-settlement-unfair-judge.html

[5] Judge approves settlement for 9/11 first responders: http://www.prisonplanet.com/judge-approves-settlement-for-911-first-responders.html

[6] Bank of America $8.5 billion settlement heads for court showdown: http://www.prisonplanet.com/bank-of-america-8-5-billion-settlement-heads-for-court-showdown.html

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