HSBC Settles $525M Suit Over PEMGroup Fraud

By Jake Simpson ( November 28, 2011, 6:17 PM EST) -- HSBC Holdings PLC and six Taiwanese banks moved Wednesday to settle the banks' suit in California federal court claiming that HSBC's U.S. banking subsidiary helped Private Equity Management Group Inc. fleece them out of more than $500 million in an alleged Ponzi scheme....

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