InvestorQ : Has HDFC Bank clarified the latest status on the class actions suits in the US?
Lavanya Subramanian made post

Has HDFC Bank clarified the latest status on the class actions suits in the US?

Answer
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Anamika Sodhani answered.
4 weeks ago


HDFC Bank has issued a clarification on the class action lawsuits filed by Rosen, a US-based law firm. HDFC Bank has squarely denied all the allegations of wrong doing and affirmed that it would defend vigorously. HDFC Bank expects its response due in early 2021.

The lawsuit is based on allegations that the holders of the ADRs in the US suffered a temporary decline in their portfolio value due to actions of their senior management, with the alleged connivance of the Board, which caused losses to investors.

The US based law firm has filed the class action suit claiming damages from HDFC Bank for the losses incurred by investors. The suit has blamed materially false and misleading representations made by HDFC Bank as the reason for these huge losses for investors.