Household, SEC Settle Over Securities Filings
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Household International Inc., the consumer finance company being bought by HSBC Holdings for $15.5 billion, gave “false and misleading” information to investors on how it restructured past-due loans, federal regulators said.
In its agreement with the Securities and Exchange Commission, Household didn’t admit wrongdoing and agreed to stop such behavior. Household said it wasn’t required to pay fines or damages and won’t restate earnings or financial statements.
HSBC knew the SEC was investigating Household before it agreed to buy the company in November and intends to complete the purchase, said a spokesman for the London-based bank.
Household shares rose 25 cents to $28.45 on the NYSE.
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