HSBC Hong Kong Seeks Exit From 'Retread' Of Ponzi Suit

Law360 (November 12, 2019, 3:54 PM EST) -- HSBC's Hong Kong affiliate has asked a New York federal judge to dismiss claims that it aided a $37 million Ponzi scheme, saying the action was merely a "forum-shopping retread" of a case investors already lost in California.

Hong Kong and Shanghai Banking Corp. Ltd., or HSBC Hong Kong, is looking for the same treatment HSBC's U.S. unit received in May when U.S. District Judge Paul A. Engelmayer found that California residents Rigoberto Vasquez and Eva Garcia hadn't demonstrated HSBC Bank USA NA's participation in laundering money for a scheme known as WCM777 and dismissed the bank from the March 2018 lawsuit...

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