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Violation Tracker Individual Record

Company: HSBC Mortgage Services Inc.
Current Parent Company: HSBC
Penalty: $900,000
Year: 2015
Date: October 20, 2015
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: insurance violation
Violation Description: HSBC and Assurant Inc. together agreed to pay $1.8 million to settle litigation alleging the bank took kickbacks for steering borrowers into overpriced flood insurance coverage. Court documents did not specify how much each would pay. Here we assume they each paid half of the total.
Level of Government: federal
Action Type: private litigation
Court: District of Colorado
Civil or Criminal Case: civil
Case ID: 1:13cv185
Case Name: Wooden et al v. HSBC Mortgage Services Inc et al
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: United Kingdom
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Link to PACER Case Docket (must be logged in): (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.