HSBC Must Face $1 Billion Suit Over Hiring Bankers From SVB
- Judge denies HSBC’s motion to dismiss First Citizens lawsuit
- First Citizens acquired SVB two weeks after its March collapse
First Citizens Bank & Trust Co. can proceed with a $1 billion lawsuit accusing HSBC Holdings Plc of poaching dozens of employees and stealing trade secrets from Silicon Valley Bank shortly after its acquisition by First Citizens.
A San Francisco federal magistrate judge on Wednesday denied HSBC’s request to dismiss the suit, saying North Carolina-based First Citizens plausibly alleged that HSBC and other defendants breached contracts and misappropriated information.