| HSBC Is Sued
For Role In Failed China Iron Ore Sale
Described As Dictating Bank to Use
By Matthew
Russell Lee, Patreon Maxwell
Book
BBC
- Guardian
UK - Honduras
- ESPN
SDNY COURTHOUSE,
Jan 3 – Lamda Solutions Corp.
got advanced banking
commitments from HSBC to
broker a deal between a
Chinese company buying, and a
Mexican company selling, 13
shipments of 80,000 tons of
iron ore each. Things fell
apart, and Lamda
sued.
On January 3, U.S. District
Court for the Southern
District of New York
Judge Gregory H. Woods held a
proceeding. Inner City Press
covered it.
Much of
the discussion on January 3
centered on a blacklined
amendment complaint that Lamda
who filed later in the day.
When it was filed
it renamed HSBC Bank from N.A.
to National Association; it
added that HSBC had required
the Chinese buyer to use a
bank HSBC found acceptable.
The case is Lamda
Solutions Corp. v. HSBC Bank
USA, N.A., 21-cv-2259 (Woods)
***
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