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Legal experts remind consumers that US law allows judges to triple the damage awards in RICO (racketeering, influence and corruption) cases. Currently Household International, a predatory subsidiary of HSBC, is charged under RICO in two cases. One is Beneficial Finance and H&R Block, and the other is a Tennessee case. Some analysts think Shea v Household could result in RICO suits as well.
Tripled damages are also allowed under US terrorism law. Over 500 victims of suicide and homocide bombings prepared a suit against HSBC and other banks claiming they funneled money through accounts to fund bombings.
Total liability for HSBC, if all three suits are successful, could be as high as US$20 Billion. Others close to the investigations say that figure is low.
This article, Tripled Damages Under RICO Act, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
Bank Horror Stories 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.
