Banking giant HSBC has vowed to appeal against a US court order to pay 2.46 billion US dollars (£1.5 billion) in the largest class action judgment in US legal history.
The bank has been battling the case for 11 years, since it bought US lender Household International for £9 billion in 2002.
Investors in Household, which is now called HSBC Finance Corp, filed the suit in 2002 accusing the company, chief executive, chief financial officer and head of consumer lending of misleading them about its aggressive lending practices, the quality of its loans and its financial accounting, which inflated its share price.
The stock had plunged in 2001 as reports about its lending practices began to emerge, with HSBC swooping on the lender the following year.
The final judgment , which includes 1.5 billion dollars (£927 million) in damages and nearly one billion dollars (£618 million) in interest, comes after a jury in Chicago found in favour of the Household investors in May 2009.
James Glickenhaus of Glickenhaus & Co, one of the three lead lawyers representing the plaintiffs, said the judgment "shows that the fraud committed by Household International and the individual defendant officers will not go unpunished, and we look forward to having the judgment affirmed on appeal".
But HSBC said the judgment was "the next legal step in an 11-year-old case".
It confirmed it would appeal and said it believes it has a "strong argument".
The lawsuit named Household International and its former executives William Aldinger, David Schoenholz and Gary Gilmer.
HSBC's acquisition of Household made the group the biggest sub-prime lender in the US at the time, which then cost the group hefty losses amid the sub-prime mortgage collapse and credit crunch.