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HSBC Judge Approves $1.9B Drug-Money Laundering Accord

HSBC Holdings Plc’s $1.9 billion agreement with the U.S. to resolve charges it enabled Latin American drug cartels to launder billions of dollars was approved by a federal judge.

U.S. District Judge John Gleeson in Brooklyn, New York, signed off yesterday on a deferred-prosecution agreement, a critical component of the London-based bank’s settlement. Gleeson said in his order that he was exercising “supervisory power” over the deal even though the bank and government contended he didn’t have authority to approve or deny it.