The Early Bird Gets the Worm: How Getting Out Ahead of the Government Can Really Pay Off
On December 11, 2012, HSBC, the “world’s local bank” announced that it had entered into a Deferred Prosecution Agreement (“the Agreement”) with the Department of Justice (found here– link opens in a new window) that required HSBC to pay $1.9 billion in criminal fines for decades of improper banking practices, notably in the world of money laundering, drug cartels, and arms dealings. At first blush, many might think that a $1.9 billion fine is a harsh penalty, even for a global bank such as HSBC. Though the $1.9 billion fine is the largest in the history of the banking industry, […]




