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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings Plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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HSBC : to pay $2 million to resolve U.S. civil loan fraud lawsuit

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04/14/2017 | 03:36pm EDT
FILE PHOTO: Logos of HSBC are displayed at a major branch at the financial Central district in Hong Kong

(Reuters) - HSBC Holdings Plc has agreed to pay about $2 million (1.60 million pounds) to settle a civil fraud lawsuit that alleged the bank improperly attempted to get reimbursement from the federally backed U.S. Small Business Administration (SBA) on bad loans it knew were based on fraudulent or potentially fraudulent information.

Under the SBAExpress loan program, designed to help startups and small businesses, the SBA guarantees up to half the value of loans made to companies by lenders such as HSBC.

According to a complaint made by the U.S. government in federal court in Manhattan, HSBC sought reimbursement for 42 defaulted loans without revealing that borrowers may have submitted false information to the bank to obtain many of the loans, or that the bank had included them on an internal list of fraudulent or potentially fraudulent loans.

The case was initially brought by a whistleblower under the False Claims Act, and the U.S. government intervened in the case. 

As part of the settlement, HSBC admitted and accepted responsibility for not informing the SBA of all of the facts indicating that borrowers may have submitted false information on the loans, or that it had identified these loans as fraudulent or potentially fraudulent. (http://bit.ly/2pfnq9a)

An HSBC spokesman did not immediately respond to a request for comment.

(Reporting by Divya Grover in Bengaluru; Editing by Bill Rigby)

Stocks mentioned in the article
ChangeLast1st jan.
HSBC HOLDINGS PLC -0.39% 609.6 Delayed Quote.-5.40%
VALUE8 N.V. -0.72% 5.54 Delayed Quote.16.88%
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Financials (USD)
Sales 2019 55 673 M
EBIT 2019 22 612 M
Net income 2019 14 608 M
Debt 2019 -
Yield 2019 6,71%
P/E ratio 2019 10,7x
P/E ratio 2020 10,5x
Capi. / Sales2019 2,74x
Capi. / Sales2020 2,68x
Capitalization 153 B
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Mean consensus HOLD
Number of Analysts 25
Average target price 8,14  $
Last Close Price 7,60  $
Spread / Highest target 44,4%
Spread / Average Target 7,05%
Spread / Lowest Target -15,6%
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NameTitle
John M. Flint Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Andrew Mitchell Maguire Group Chief Operating Officer
Ewen James Stevenson Executive Director & Group Finance Director
Darryl West Chief Information Officer
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