Law360, New York (November 20, 2015, 5:45 PM EST) -- The New York Supreme Court on Thursday dismissed a shareholder derivative suit against HSBC filed after the bank paid a $1.9 billion fine over money laundering, saying the plaintiff has to first obtain permission from England's High Court.New York Supreme Court Justice Timothy S. Driscoll ruled that under English law, applicable because HSBC Holdings PLC is incorporated in England, plaintiff Michael Mason-Mahon was required to seek permission from England's High Court before commencing his derivative suit accusing HSBC directors of breaching their duties to the bank by failing to halt money laundering.Judge Driscoll rejected Mason-Mahon’s claim that applying English... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
supreme York Supreme Court Justice Timothy S ##hon has ruled that Michael ##son - Mahon , who has filed a lawsuit against HSBC Holdings in regards to a $ 1.9bn fine over money laundering , must first obtain permission from plaintiff 's High counsel before commencing his derivative suit , since HSBC Holding is incorporated in bankruptcy .