Sketchy force-placed insurance cause HSBC to have to pay homeowners back

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Property owners in Massachusetts who were sold this coverage through dubious practices will receive $2.7 million. HSBC, a national mortgage lender and servicer, has now agreed to pay a total of $4 million as a result of its force-placed insurance practices, according to Massachusetts Attorney General Maura Healey. This payment was the outcome of a settlement in a case in which HSBC was accused of inappropriate practices. These practices related directly to its sale and management of force-placed insurance. It involved allegations that HSBC had been receiving various forms of…

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Insurance news from HSBC reveals that its Singapore business sold

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The company intends to sell this business as a part of an overall cost cutting strategy. HSBC, the worldwide banking giant, has just announced its latest insurance news in its intentions to step out of the industry in Singapore, as the latest element of its strategy to reduce costs. The deal for the Singapore business of the company has been valued at approximately $19.3 million. HSBC has been working to offload many of its non-core assets, and this insurance news is only the most recent in that strategy. So far,…

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Barclays sets aside funds to deal with insurance news controversy

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Barclays continually caught in scandal Major British bank Barclays has announced that it will be setting aside approximately $1.1 billion in funds to mitigate the financial impact of its inappropriate sale of insurance to consumers. Earlier this year, Barclays was steeped in a rate-rigging scandal that damaged the company’s reputation. In the wake of this insurance news scandal, the bank purchased nearly $1.7 billion worth of payment protection insurance for its employees. Now, the company is setting aside funds in case it receives more claims concerning inappropriate sales of insurance…

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FDIC files lawsuit against large banks responsible for small bank closures

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Large banks accused of causing the failure of Illinois banks The Federal Deposit Insurance Corp. (FDIC) has filed lawsuits against several large banks this week after seizing control of two smaller banks in Illinois. These banks failed in May of 2009, but the FDIC only recently filed civil suits against the banks once its investigation into the matter came to a conclusion. The lawsuit names Citigroup, JPMorgan Chase, Bank of America, Credit Suisse, Deutche Bank, Royal Bank of Scotland, UBS and HSBC as defendant in the case. FDIC aims to recover…

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HSBC LAUNCHES RENMINBI FIXED INCOME FUND

PRESS RELEASE: HSBC Global Asset Management this week launches the HSBC GIF RMB Fixed Income fund. The fund enables UK and European investors to gain access to Renminbi investments. Forming part of HSBC Global Asset Management’s Luxembourg-based Global Investment Funds (GIF) SICAV, the new fund will be registered for sale across Europe. The fund is managed by HSBC Global Asset Management’s Asian fixed income team, based in Hong Kong and headed by Cecilia Chan who has managed Asian fixed income assets at HSBC for 17 years. This award-winning team manages…

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