Oct 17 (Reuters) - A unit of British bank HSBC Holdings Plc was hit with a record $2.46 billion final judgment in aU.S. securities class action lawsuit against its unit, formerlyknown as Household International Inc.
The judgment by U.S. Judge Ronald Guzman in Chicago was thelargest in a securities fraud class action that went to a trial,according to a statement from the Robbins Geller Rudman & Dowdlaw firm that represented investors. Most securities fraud casessettle.
The suit was filed in 2002 and alleged that HouseholdInternational had violated securities laws by fraudulentlymisleading investors about the quality of its loans.
The lawsuit also named as defendants former top executivesof Household.
HSBC is expected to appeal, according to the statement fromthe investors' lawyers.