By Matthew Russell Lee, Patreon Maxwell book
SDNY COURTHOUSE, Jan 2 – Stephen Callahan sued HSBC for firing him for exposing front-running.
The complaint, filed in the U.S. District Court for the Southern District of New York where Inner City Press found it, recounting HSBC paying a $100 million fine for front-running, then fire the plaintiff for complaining. The Sarbanes-Oxley Act of 2002 is cited.
Callahan says he heard HSBC's Brian Yip tell junior trader Russell Dean to "always" by or sell for the Bank before putting a price on a transaction for a customer. Then on March 7, 2022, Callahan was suspended by HSBC.
HSBC Holdings plc's response was due December 30, but on December 28 a request was made to extend its time to February 6, 2023.
The case is Callahan v. HSBC Holdings plc, et al., 22-cv-8621 (Oetken)
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