HDFC Bank ‘to vigorously defend itself’ in U.S. suit

HDFC Bank has denied allegations made in a class action suit filed by a U.S. law firm and said it would defend itself vigorously.

“The bank is aware of a complaint that was recently filed against the bank and its three employees in the United States,” the lender said in a stock exchange filing.

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

The law firm’s suit is seeking damages for the losses incurred by investors because of alleged “materially false and misleading” representations by the bank. It has specifically named the bank’s CEO and MD of over 25 years, Aditya Puri, his designated successor Sashidhar Jagdishan and company secretary Santosh Haldankar as defendants.

The complaint did not mention the exact quantum of the damages sought.

The allegations pertain to the vehicle finance vertical, where the bank acknowledged some improprieties.

(With PTI inputs)

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