Household - HSBC Watch discovered that on November 15, 2002 - "HSBC Chairman John Bond says he is confident regulatory issues have been resolved. " Bond was speaking about Household International just before HSBC purchased the troubled predatory lender.
But, in the summer of 2004 the Shea v Household Lawsuit alleges that Household imposed certain finance charges, late fees, and overlimit fees between October 20, 1994 and March 18, 2004 that were not authorized by Household's credit card agreements and were in violation of state law. Household and the Plaintiffs have agreed to settle this lawsuit.
What happened between November 15, 2002 and March 18, 2004 Mr. Bond?
What happens if HSBC Retail Services merchants are tied to this issue?
What happens if civil racketeering charges are filed against the merchants and HSBC North America? Time will tell.
John Bond and HSBC Plc obviously did not ensure that regulatory issues were resolved before HSBC acquired troubled predatory lender Household International. Possible racketeering continued for almost two more years after HSBC acquired Household, still under the control of William F. Aldinger III.
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