On June 16, 2016, HSBC, as successor in interest to Household Finance, announced that the parties to the long-running Household International securities class action litigation had agreed to settle the case for $1.575 billion. Subject to court approval, the settlement will bring to a close an epic case that has been pending for fourteen years. The case is one of the few securities class action lawsuits ever to go to trial; the post-trial judgment of $2.46 billion in the case, which was the largest judgement ever in a securities fraud trial, was later set aside by the Seventh Circuit. The case was poised to go to trial again when the parties reached the recently announced settlement. HSBC’s June 16, 2016 press release about the settlement can be found here. The plaintiffs’ law firm’s June 16, 2016 press release about the settlement can be found here.
Continue Reading Long-Running Household International Securities Suit Settles for $1.575 Billion
Seventh Circuit Sets Aside Record $2.46 Billion Judgment in Long-Running Household International Securities Suit
On October 17, 2013, when Northern District of Illinois Judge Ronald Guzman entered a $2.46 billion judgment for the plaintiffs in the long-running Household International securities class action lawsuit, it was according to statements at the time the largest judgment ever in a securities fraud trial. However, on May 21, 2015, the Seventh Circuit
Record $2.46 Billion Post-Verdict Judgment Entered in Long-Running Household International Securities Suit
O.K., here’s something – on October 17, 2013, Northern District of Illinois Judge Ronald Guzman entered a post-verdict judgment in the long-running Household International securities class action lawsuit. The judgment award consisted of principal damages of $1,476,490,844.21 and prejudgment interest of $986,408,772, for a total judgment amount of $2,462,899,616.21, along with post-judgment interest and