Wednesday, October 24, 2007

Aastra Suing HSBC for Recommending ABCP

Aastra Technologies holds C$13.7 million of asset-backed commercial papers, out of which C$8.5 million is invested in Structured Investment Trust III and wasn't repaid when it became due on Oct. 10.
Aastra has commenced legal proceedings against its investment adviser, HSBC Securities and one of its employees, in the Ontario Superior Court of Justice seeking damages relating to "investment advice provided with respect to Aastra's purchase of the Structured Investment Trust III ABCP. "

This clears the way for other companies to sue their big bank advisors.

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