LONDON (Alliance News) - A federal judge has ruled HSBC Holdings PLC must face a lawsuit which accuses the bank of violating the US Fair Housing Act by engaging in predatory mortgage lending in the Chicago area, Reuters reported.
Chicago US District Judge John Lee rejected HSBC's motion to dismiss the March 2014 lawsuit brought against it by Cook County, Illinois.
Cook County, which encompasses Chicago, alleged several affiliates of the bank used sophisticated algorithms and software to steer thousands of black and Hispanic borrowers in the area into subprime loans they could not afford, even if they qualified for lower-cost loans.
http://uk.reuters.com/article/2015/09/30/uk-hsbc-chicago-lawsuit-idUKKCN0RU30C20150930
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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HSBC Holdings (HSBA)
