US Law Firms Look to Capitalise from FinCEN Files

US law firms are inviting investors to participate in class actions if they lost money in HSBC and StanChart stock following the release of the FinCEN Files.

US law firms Labaton Sucharow and Schall Law have reportedly started building class action law suits against HSBC and Standard Chartered following allegations they failed to crack down on money laundering.

Both law firms are said to have a track record of pursuing large legal claims against listed companies, and have said they have begun investigating both banks after the leaked FinCEN Files caused their share prices to plunge on Monday (25 September).

The document leak showed that HSBC and Standard Chartered allegedly continued to move illicit funds despite having identified the transactions as suspicious. Following the leak, HSBC’s stock price fell 5.3 percent to its lowest level since 1995, while Standard Chartered shares fell 5.8 percent.

Labaton Sucharow is said to be investigating the events that led to the document leak, while Schall Law is asking investors to contact the firm if they suffered losses of USD 100,000 or more as a result of the share price falls.