TV News LIES

Sunday, Aug 31st

Last update04:51:54 AM GMT

You are here News Economy HSBC wins approval of record $1.92 billion money-laundering settlement

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

E-mail Print PDF

HSBCA federal judge has approved HSBC Holdings Plc's (HSBA.L)(HBC.N) 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."

The settlement, announced December 11, 2012, included a $1.256 billion forfeiture and $665 million in civil fines.

More...


Most Recent Related Stories...


Goldman Sachs agrees to $1.2bn settlement over mortgage bonds

Goldman SachsGoldman Sachs has agreed to a settlement worth $1.2bn (£723m) to resolve a US regulator's claims...

Labor sharks sink teeth into low-wage immigrant workers

Wage theftWhen Ophelia Hernández, a 53-year-old clothing store owner from El Salvador, got working papers to come...

BofA in $16.5 billion deal with U.S. over mortgage bonds

Bank of AmericaBank of America Corp is expected to pay more than $16.5 billion to end investigations into...

Cisco to cut another 6,000 jobs as forecast falls flat

Cisco layoffsCisco Systems Inc (CSCO.O) forecast tepid current-quarter results and said it plans to cut another 6,000...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!