Gibson Dunn offices in Washington, D.C. Photo: Diego M. Radzinschi/ALM Gibson Dunn Secures Defense Win for HSBC in 'Trade Secrets' Lawsuit
In an order released Tuesday in the California Northern District Court, Magistrate Judge Laurel Beeler dismissed most of the claims made against London-based HSBC Holdings, HSBC entities HSBC USA (HUSI) and HSBC UK (HBUK), current HBUK employee and former SVB senior executive David Sabow and six former SVB employees.
July 11, 2024 at 09:23 AM
4 minute read
Financial Services and Banking
What You Need to Know
- A defense team from Gibson Dunn secured a victory for HSBC in a lawsuit claiming the London-based bank conspired to steal trade secrets from First Citizens Bank by poaching employees acquired from the failed Silicon Valley Bank.
- After SVB's collapse, the FDIC sold its assets to First Citizens Bank. Shortly after, more than 40 former SVB employees submitted their resignations to First Citizens and joined HSBC.
- Magistrate Judge Laurel Beeler moved to dismiss most of First Citizens' claims. The claims alleging trade secret theft still survive.
A defense team at Gibson, Dunn & Crutcher scored a win for HSBC Holdings in a trade secret theft suit launched by First Citizens Bank and Trust Company in the aftermath of Silicon Valley Bank's 2023 collapse.
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