Law360, New York (October 1, 2015, 4:02 PM EDT) -- HSBC must face a lawsuit that accuses the bank of targeting minority borrowers in Illinois' most populous county with predatory subprime mortgages, a federal judge in the state ruled Wednesday, finding the county has standing under the Fair Housing Act and Article III of the Constitution.HSBC says the suit is untimely because no specific allegations occurred after 2007, leaving the suit outside the FHA’s two-year statute of limitations. (Credit: AP) In denying the lender’s motion to dismiss, U.S. District Judge John Z. Lee found that Cook County, which includes Chicago, adequately linked its alleged injury to the actions of HSBC... 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
A US judge has ruled that HSBC must face a lawsuit accusing the bank of violating the US Fair Housing Act by engaging in predatory mortgage lending in Chicago, after rejecting the company's appeal to dismiss the March 2014 lawsuit. The ruling came on Friday and was made public at an afternoon press conference. HSBC has declined to comment.