HSBC Settlement Case Raises Legal Hackles

In December, U.S. Federal Authorities stirred controversy for having reached a financial settlement deal with British bank HSBC, allowing the bank to avoid criminal prosecution for taking part in money laundering operations for Latin American drug cartels, suspected terrorist networks and rogue states such as Iran. As a means to avoid prosecution, the bank agreed to pay $1.9 billion in fines, after having reached the arrangement with the Department of Justice. However regardless of their agreement and written arguments by both federal prosecutors and HSBC filed in January arguing in favor of the deal , U.S. District Court Judge John…