“We are extremely proud of our trial team and pleased that defrauded shareholders have won this historic victory,” said Coughlin Stoia partner Patrick Coughlin in a statement e-mailed to the Litigation Daily. “The jury’s verdict is a victory for the millions of Americans suffering as a result of deceptive predatory lending practices and a victory for all investors fighting for greater corporate transparency, honesty and integrity. The verdict is also a testament to our firm’s willingness and ability to see a case through on behalf of our clients, despite facing adversaries with tremendous power and resources.”
We e-mailed Thomas Kavaler of Cahill Gordon & Reindel, who represented Household at trial, but didn’t hear back. (As we previously reported, Cahill was the third firm HSBC used in this case.) In a statement, HSBC said it “strongly disagrees with those findings of the jury that were for the plaintiffs” and would seek to have them thrown out. (It’s worth noting that the last time plaintiffs won a securities class action verdict–$277.5 million against the Apollo Group in January 2008– the trial judge later overturned it.)
