HSBC Monitor Report Will Remain Sealed, Appeals Court Rules
- Lower court shouldn’t have agreed to unseal document: ruling
- Report measured compliance with deferred-prosecution agreement
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A monitor’s report detailing HSBC Holdings Plc’s compliance with a 2012 agreement with U.S. prosecutors to fix faulty money-laundering controls isn’t a judicial document and shouldn’t be made public, a federal appeals court said Wednesday.
U.S. District Judge John Gleeson had ordered the report to be made public in 2016, while criticizing the government’s attempt to keep it under seal. The Brooklyn, New York, judge found that the report qualified as a judicial record that needed to be filed publicly, but it remained out of public view while his decision was appealed.