HDFC Bank faces US class action over alleged securities law violations
Livemint
HDFC Bank is facing a US class action lawsuit alleging securities law violations related to undisclosed payments to a state corporation.Summary
The article reports that HDFC Bank, India's largest private lender, has been sued in the US by investors claiming the bank violated securities laws by making false or misleading statements and failing to disclose material information. The lawsuit, filed by Glancy Prongay Wolke & Rotter Llp in the Southern District of New York, alleges that HDFC disguised payments to the Maharashtra State Road Development Corporation as marketing expenses to gain higher interest rates. Investors claim this caused losses and seek compensatory damages, legal fees, and a jury trial.
(Source：Livemint)