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Published on 22/09/2020 9:24:36 AM | Source: IANS

HDFC Bank to file response to US lawsuit by early next year

Posted in Industry News| #Industry #HDFC Bank #US

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HDFC Bank has denied the allegations in a class action suit in the US and said it intends to defend itself vigorously in the lawsuit.

The Bank expects its response to the lawsuit to be due in early 2021, HDFC Bank said in a regulatory filing.

HDFC Bank was clarifying media reports related to filing of class action claims by certain US law firms against the Bank.

"In this regard, we wish to inform you that the Bank is aware of a complaint that was recently filed against the Bank and its three employees in the United States. The lawsuit, which was filed by a single small security holder who seeks to represent a class of the Bank's security holders, is based on allegations that the security holder claims caused a temporary decline in the Bank's ADR stock price in July 2020," HDFC Bank said.

The Bank denies the allegations and intends to defend itself vigorously in the lawsuit. The Bank expects its response to the lawsuit to be due in early 2021.

"Since the lawsuit is at a premature stage, there is no matter at this point of time which requires disclosure as per Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015," the bank said in a statement.