HSBC, one of the biggest banks in the world, won a major victory on Wednesday when a New York federal appeals court reversed a lower court’s decision to release a potentially damaging report detailing the bank’s money-laundering practices.
Judge John Gleeson, an ex-Brooklyn federal judge, had “exceeded” the authority of his court by ordering parts of the report be made public, wrote Judge Robert Katzmann.
The decision is a blow to Dean Moore, a Pennsylvania chemist who first asked a judge to unseal the report because he thought it related to a mortgage issue he was having.
A spokesman for the London-based bank, led by CEO Stuart Gulliver, said it’s “pleased” with the decision.
“All avenues are being discussed with regard to the ruling,” Moore told The Post.
In 2012, the Justice Department entered into a deferred prosecution agreement with HSBC for $1.9 billion over money laundering for Mexican drug cartels.
As part of the deal, the bank had to install a monitor to oversee its progress on internal controls.