HSBC to pay $765 million to settle U.S. mortgage securities mis-selling claim

FILE PHOTO: An HSBC bank call centre is seen at night floodlit in rainbow colours for Malta Gay Pride Week in Swatar, Malta, September 7, 2017. REUTERS/Darrin Zammit Lupi/File Photo - Copyright Darrin Zammit Lupi(Reuters)

By Reuters

Published on 09/10/2018 - 18:34•Updated 24/04/2024 - 23:25

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LONDON (Reuters) - HSBC on Tuesday said it would pay $765 million (582.50 million pounds) to the United States Justice Department to settle claims it mis-sold mortgage-backed securities between 2005 and 2007.

The bank's announcement confirmed a total penalty that HSBC said in August it would likely pay. HSBC said in a statement it has been working since the financial crisis to improve its internal controls and culture.