Government,
Corporate,
Banking
Jul. 11, 2024
Federal judge largely dismisses First Citizen's $1B lawsuit against HSBC
The court dismissed all counts except a breach of contract claim against a former Silicon Valley Bank executive and trade secrets claims against that executive, HSBC's U.S. branch, and Silicon Valley Bank's U.K. branch.
A federal judge in San Francisco gutted First Citizens Bank's $1 billion trade secrets lawsuit against HSBC, accusing the financial institution of poaching employees after First Citizens Bank acquired Silicon Valley Bank last year, ruling that there was not enough California-related business activity to establish personal jurisdiction.
"It might be, as First Citizens contends, that an orchestrated scheme directed at a California employer to poach its employees, steal con...
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