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The Boston Globe

Nation

3 Georgia counties sue HSBC over drop in their tax base

ATLANTA — Three Atlanta-area counties have filed a lawsuit asserting that British bank HSBC cost them hundreds of millions of dollars in extra expenses and damage to their tax bases by aggressively signing minorities to housing loans that were likely to fail.

The Georgia counties’ failure or success with the relatively novel strategy could help determine whether other local governments try to hold big banks accountable for losses in tax revenue based on what they say are discriminatory or predatory lending practices.

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