Litigation & Arbitration
Jan. 16, 2024
First Citizens Bank can continue suit against HSBC, judge rules
Silicon Valley Bank’s deposits and loans were acquired by First Citizens through a purchase agreement with FDIC. In May, it sued HSBC for allegedly misusing proprietary information belonging to First Citizens and poaching 42 Silicon Valley Bank employees.
Financial corporation HSBC cannot shake off First Citizens Bank’s billion-dollar lawsuit related to the plaintiff’s acquisition of the defunct Silicon Valley Bank, a federal judge in San Francisco ruled.
However, “the complaint is confusing and needs to be cleaned up,” U.S. Magistrate Judge Laurel Beeler wrote in her order Wednesday partly denying HSBC’s motion to dismiss the claims and stay discovery. First Citizens must file an amended c...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In