HDFC Bank Denies Charges By US Law Firm

Private sector lender HDFC Bank on Monday denied allegations of wrongdoing under its lending business. The bank said it would vigorously defend a lawsuit filed against it in the US.

In the information given to the stock exchange, the bank said, ‘The suit has been filed by the sole small shareholder who wants to represent a section of the bank’s shareholders. This is based on the allegations that the bank’s ADR share price declined in July 2020 due to a shareholder claim. The bank denies those allegations and wants to vigorously defend itself in the suit.

The bank said it expected its response to the lawsuit in early 2021. The bank said in its filing, “Since the case is still in a preliminary stage and there is no need to disclose anything at the moment.”

Class action against US law firm Rosen Law Firm and Scal Law for allegedly making misleading public disclosures and failing to inform investors about internal control of borrowing activities in the operation of its vehicle financing unit Has filed suit.

News Source: EconomicTimes

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