HSBC sued over drug cartel murders

The new case said to recount a series of murders in 2010 and 2011 in horrific detail.

Families of U.S. citizens murdered by drug gangs in Mexico sued HSBC, claiming the bank can be held responsible for the deaths because it let cartels launder billions of dollars to operate their businesses.

Bloomberg News reports that the lawsuit brings fresh scrutiny to the Mexican activities of HSBC, which in 2012 paid $1.9bn to resolve a criminal investigation into whether it violated U.S. sanctions laws and laundered at least $881m on behalf of drug cartels.

HSBC said it would fight the claims in the lawsuit, filed Tuesday in federal court in Brownsville, Texas.

The new case recounts a series of murders in 2010 and 2011 in horrific detail, arguing that the bank should be held to account for them under the U.S. Anti-Terrorism Act.

To access the complete Bloomberg News article hit the link below:

HSBC Sued Over Drug Cartel Murders After Laundering Probe 

Barclays: Here's Where to Invest in a Recession

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News