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HSBC wins new trial in $2.46 billion Household case

Reuters - UK Focus

CHICAGO, May 21 (Reuters) - A U.S. appeals court on Thursday said HSBC Holdings Plc (Xetra: HBC2.DE - news) is entitled to a new trial in a long-running securities fraud case that led to a $2.46 billion judgment against a consumer finance business it bought more than 12 years ago.

The 7th U.S. Circuit Court of Appeals in Chicago said HSBC Finance Corp, once known as Household International Inc, deserves a new trial over whether firm-specific, non-fraud factors contributed to the decline in Household's stock price that was the basis for the class action lawsuit. (Reporting by Jonathan Stempel in Chicago; Editing by Chris Reese)