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NY Appeals Court Revives HSBC Suit Over $1.9B Fine

Law360 (November 15, 2018, 8:27 PM EST) -- A New York appeals court on Wednesday revived a shareholder derivative action against HSBC filed after the bank paid a $1.9 billion fine over money laundering, finding a recently decided case overturned a lower court's requirement that the plaintiff first obtain permission from England’s High Court to file suit.

A shareholder derivative suit against HSBC has been revived by a New York appeals court after the bank paid a $1.9 billion fine over money laundering. (AP) The appellate panel’s holding considered the decision in Davis v. Scottish Re Group Ltd. — made in 2017 after the HSBC suit dismissal — which held that a...

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