Why HSBC Holdings (HSBC) Stock Is Up This Afternoon

NEW YORK (TheStreet) -- Shares of HSBC Holdings Plc (HSBC) are up 0.96% to $51.29 after the U.K.-based bank agreed to pay $10 million to settle U.S. government charges that it defrauded taxpayers by submitting inflated bills to process residential foreclosures, Reuters reports.

The civil settlement is the first to result from an investigation by U.S. Attorney Preet Bharara in Manhattan into whether mortgage servicers overcharged the government on foreclosures on federally-backed home loans, Reuters said.


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