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HSBC Says It’s Settling Calif. AG’s Forex Trading Probe

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > HSBC Says It’s Settling Calif. AG’s Forex Trading Probe

HSBC Says It’s Settling Calif. AG’s Forex Trading Probe

Law360 (August 3, 2020, 10:42 PM EDT) — HSBC said in a regulatory filing Monday that its main U.S. banking arm has reached a tentative settlement with California’s attorney general to resolve an investigation related to its foreign exchange trading, which has been the subject of several settlements in recent years with U.S. and U.K. authorities.

The bank disclosed the development in a quarterly filing with the U.S. Securities and Exchange Commission, saying the agreement-in-principle between California’s Office of the Attorney General and HSBC Bank USA NA is still being finalized and will be subject to court approval.

The filing did not elaborate on the nature of the state’s…

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