Lawsuit against HSBC dismissed

Gavel

A New York judge this week dismissed a lawsuit filed by the state's attorney general that accused HSBC of ignoring a law designed to protect homeowners from foreclosure.

Reuters reports that the lawsuit, filed in 2013 by New York Attorney General Eric Schneiderman, alleged HSBC violated a state law requiring lenders to file paperwork, known as a request for judicial intervention, which entitles homeowners to settlement conferences within 60 days to negotiate loan modifications.

Justice John Michalski of New York State Supreme Court in Buffalo dismissed the case on Monday, ruling that HSBC's delay or failure in filing the administrative paperwork was procedural, not substantive, and did not qualify as an 'illegal act', according to a copy of the decision seen by Reuters.

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New York court dismisses foreclosure lawsuit against HSBC

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