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The facts were perfectly clear to anyone who followed Household International before the predatory lender became HSBC Finance. I still remember William F. Aldinger’s speech to employees. I remember employees nervously asking about their pension plans as HSBC talked about buying the company.
Household was busy in court in Bellingham Washington, sealing court records as testimony of Melissa Drury damaged the company and put HSBC’s purchase of the company at risk.
We all remember the timing – as Aldinger proclaimed Household’s fairness while a nationwide predatory lending suit exploded in the headlines. HSBC has the money to fight, while the business shut down due to loses. Ironic, is it not?
HSBC Finance Corporation today said it strongly disagrees with those findings of the jury that were for the plaintiffs in the ongoing case of Lawrence E. Jaffe Pension Plan v. Household International, Inc. While HSBC respects the jury process, the company will ask the Court to overturn the decision.
HSBC remains confident that its position is strong and well-supported by the law. HSBC said it will pursue its defense as long as appropriate, as it has for the last seven years
This article, HSBC disagrees with Lawrence E. Jaffe Pension Plan v. Household International, Inc, is just one of our articles from The HSBC Monitor, Part 2 – News and Complaints Behind the Scenes
The HSBC Monitor monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
