Lehman, HSBC could face lawsuit over Hong Kong minibonds

NEW YORK – Lehman Brothers and HSBC could be sued over the sale of $1.6 billion worth of securities sold to investors in Hong Kong.

US district judge William Pauley reversed a previous decision by Lehman’s bankruptcy judge that had ruled out any possibility of a suit by holders of structured notes known as ‘minibonds’.

The minibonds were effectively a series of credit-linked notes, structured as securities, with an embedded credit default swap providing investors with exposure to the credit risk

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