Savills Calls HSBC Loans Reckless In Property Valuation Row

Law360, London (April 1, 2021, 4:59 PM BST) -- Estate agent Savills has argued that HSBC acted recklessly and in breach of its own lending policies after the bank blamed its valuations of properties in London for encouraging risky lending decisions.

Savills maintained in High Court defense on March 29 that it cannot be blamed for losses allegedly suffered by HSBC UK Bank PLC after it left itself exposed by more than £136 million ($188 million) to a client and entities connected to him.

The estate agent was hired by HSBC to provide valuations on properties that were being used as loan collateral. HSBC's January suit wants damages from Savills for allegedly...

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