DC attorney leads class-action suit against HSBC

August 3, 2012 - 12:30 PM
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Tsimpedes interview August 2, 2012

Britain's largest bank, HSBC, will be charged $700 million in U.S. fines for failing to stamp out money laundering. A Senate Committee says the bank gave terrorists, drug cartels, and other criminals access to the U.S. financial system.

Chairman Douglas Flint admits HSBC made mistakes. He apologized this week. It's one of several scandals to hit the bank this year.

Attorney Athan Tsimpedes outlined another -- a class-action lawsuit for fraud -- on Capital Insider. Tsimpedes says HSBC was complicit in a fraudulent property scheme in the Turkish Republic of Northern Cyprus.

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