U.S. customers came together recently to sue Europe’s biggest lender, HSBC Holdings Plc for fraudulent activity related to the bank’s credit card payment protection service. According to the lawsuit, the service defrauds disabled, retired and unemployed consumers.
The plan was one of the bank’s credit card offers designed to safeguard accounts by suspending or canceling required minimum payments when a customer becomes disable or employed for $1.35 per $100 of a month-ending balance. However, according to the lawsuit, those who are already disabled, retired, self-employed or work part-time don’t benefit despite information that advertises otherwise (Business Week).
