U.K.’s Prudential Was Mystery Victim of HSBC’s Front-Running

Bankers were said to trade ahead of its 2010 bid for AIG unit
HSBC touted Prudential transaction to win Cairn’s business

Bloomberg’s Russell Ward reports on HSBC settling a U.S. Justice Dept. probe for $100 million.(Source: Bloomberg)

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By Tom Schoenberg and Patricia Hurtado

January 22, 2018 at 9:25 AM UTC

Updated on

January 22, 2018 at 10:29 AM UTC

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HSBC Holdings Plc and the U.S. Justice Department, announcing last week that the bank would pay $100 million for front-running client currency orders, left one thing unstated -- the name of a big client the bank’s traders defrauded.

That unidentified victim was London-based insurer Prudential Plc, according to court records and testimony in a related case and a person familiar with the matter.