The Presidential Daily Brief

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    HSBC Agrees to $1.6 Billion Settlement Over Subprime Loans

    The land of opportunity turned out to be a bust. HSBC, the largest bank in Europe, attempted a U.S. expansion with the acquisition of Household International in 2003 — but it retreated from the market after a series of losses. Now the London-based bank has agreed to the biggest settlement a bank’s ever paid to shareholders, $1.6 billion, in a class-action suit over misleading statements made by Household executives. Lawyers for the plaintiffs say they’re “delighted,” though the settlement still needs to get court approval.

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