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Tuesday, May 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

Credit Crisis Brings $50 Million Claim

CHICAGO (CN) - In more fallout from the credit crisis, Polaris Sales has sued HSBC Bank Nevada for $50 million in Federal Court. Polaris claims HSBC wrongfully terminated a revolving credit agreement that helps its customers finance RVs.

Polaris says that when HSBC announced in January that it would require higher credit scores, it reduced loan Polaris customers' approval rates by 50%, threatening Polaris' dealer and customer relationships.

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