Federal judge OKs HSBC's $1.9B laundering penalty - Dallas News | myFOXdfw.com

Federal judge OKs HSBC's $1.9B laundering penalty

Posted: Updated:

NEW YORK (AP) -- A federal judge approved a deal that will allow HSBC to pay a record $1.9 billion penalty to settle accusations the British Bank helped Mexican drug traffickers, Iran, Libya and others under U.S. suspicion or sanction move money around the world.
 
The settlement, originally announced in December, is the largest penalty ever imposed on a bank.  
 
The Justice Department's case maintained that HSBC's failure to monitor itself allowed criminals and suspect countries like Cuba, Myanmar and Sudan to move hundreds of millions in prohibited transactions through U.S. financial institutions from the mid-1990s through 2006.
 
Judge John Gleeson of the U.S. District Court for New York's Eastern District approved the plan Monday. It requires court supervision of HSBC for five years, after which the U.S. will seek to dismiss the case.

  • Your MoneyMore>>

  • Bed bug infestation at money firm PIMCO, report says

    Bed bug infestation at money firm PIMCO, report says

    Wednesday, August 20 2014 6:55 PM EDT2014-08-20 22:55:02 GMT
    A big money management firm in New York City has been hit with a major infestation of bed bugs, according to Fox Business Network. Stock traders who do business with Pacific Investment Management Co., better known as PIMCO, told Fox Business' Charles Gasparino that hundreds of people have been relocated from one of the firm's buildings in New York City to an undisclosed upstate location after reports of widespread bed bug bites among executives and employees.
    A big money management firm in New York City has been hit with a major infestation of bed bugs, according to Fox Business Network. Stock traders who do business with Pacific Investment Management Co., better known as PIMCO, told Fox Business' Charles Gasparino that hundreds of people have been relocated from one of the firm's buildings in New York City to an undisclosed upstate location after reports of widespread bed bug bites among executives and employees.
  • Five Guys offers bacon milkshakes

    Five Guys offers bacon milkshakes

    Wednesday, August 20 2014 6:47 PM EDT2014-08-20 22:47:08 GMT
    Burger chain Five Guys is testing the adage that everything tastes better with bacon. It is rolling out a customizable milkshake program and along with bananas, peanut butter, Oreo cookies, salted caramel, you can chose bacon.  Yes that's right: a bacon milkshake.
    Burger chain Five Guys is testing the adage that everything tastes better with bacon. It is rolling out a customizable milkshake program and along with bananas, peanut butter, Oreo cookies, salted caramel, you can chose bacon.  Yes that's right: a bacon milkshake.
  • Designer clothes at giant thrift shop in NJ

    Designer clothes at giant thrift shop in NJ

    Wednesday, August 20 2014 5:57 PM EDT2014-08-20 21:57:04 GMT
    Like most soon-to-be third graders, Sonja knows what she's looking for when it comes to back-to-school shopping. For kids trying to be fashionable -- and parents looking to keep it affordable -- there's the Ocean County Hunger Relief Warehouse in Toms River, New Jersey. It's basically a huge thrift shop.
    Like most soon-to-be third graders, Sonja knows what she's looking for when it comes to back-to-school shopping. For kids trying to be fashionable -- and parents looking to keep it affordable -- there's the Ocean County Hunger Relief Warehouse in Toms River, New Jersey. It's basically a huge thrift shop.
Powered by WorldNow

KDFW FOX 4
400 N. Griffin Street
Dallas, Texas 75202

Main Station Directory:
(214) 720-4444
News Fax:
(214) 720-3263 or (214) 720-3333

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices