Russian Court Rejects HSBC Settlement Deal in Browder Case

Russia’s Supreme Court rejected a settlement agreement that would have allowed HSBC Holdings Plc’s local unit to pay as much as 1.4 billion rubles ($22 million) in obligations related to the politically charged case of investor William Browder.

Judge Irina Bukina announced only her overall ruling in court Monday; her explanation will come only in her written decision, which is to be released later. Lawyers for the bank and other parties to the case expressed surprise at Monday’s decision but declined further comment. They had told the court before the decision that the parties had agreed on the terms of the deal, which weren’t made public. Judge Bukina also rejected an appeal by HSBC seeking to overturn a lower-court ruling mandating it make the payment.