A federal Judge in Atlanta is allowing a $100 million suit to go forward against a British bank that three metro Atlanta counties say engaged in lending practices that damaged their property tax bases by luring minority homeowners into loans they could not afford.
U.S. District Judge Steve Jones of the Northern District of Georgia said in a Sept. 24 order that Fulton, DeKalb and Cobb counties have asserted plausible claims that London-based HSBC North America Holdings Inc. and its U.S. subsidiaries engaged in unfair and predatory lending practices. The counties claimed the bank executed a reverse redlining scheme that targeted minority neighborhoods and intentionally stripped equity from metro Atlanta properties they financed.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
