HSBC to fight £151m Keydata lawsuit

Professional Adviser revealed in 2010 that the bank was one of a number of major financial institutions being pursued by investors who lost money when Keydata collapsed in 2009. HSBC's US subsidiary has been accused of aiding and abetting a "major international fraud" after it failed to spot a series of red flags in the run-up to the liquidation of SLS Capital, a Luxembourg-domiciled vehicle that issued bonds bought by Keydata investors. Tony Lahert who lost £250,000 in the debacle and who heads up KSLIT, the group of 900 investors who are backing the claim, said in 2010: "They had...