FINANCIAL SERVICES | Staff Reporter, Hong Kong

Hong Kong slaps HSBC with $51m fine for Lehman-linked products sale

The $51m penalty was the most expensive sanction imposed on a financial firm.

Reuters reports that Hong Kong’s Securities and Futures Commission (SFC) imposed a fine of $51m (HK$400m) on the private banking unit of HSBC in a case referring to the sale of Lehman-linked structured financial products in 2003 to 2008.

The tribunal was prompted to investigate when some HSBC clients complained of losses traced to investments in structured financial products of Lehman Brothers which filed for bankruptcy in 2008.

Here’s more from Reuters

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