Two US-based law firms file class action suits against HDFC Bank

Cite failure on bank's part to inform investors about improper internal controls on vehicle loans; outgoing MD Aditya Puri, CEO-designate Sashidhar Jagdishan among ddefendants

US-based Rosen Law Firm and Schall Law Firm have filed class action suits against HDFC Bank alleging misleading public statements and for failing to inform investors about the bank's improper internal controls on vehicle loans. 

The lawsuits, filed in the US District Court Eastern District of New York, named outgoing managing director Aditya Puri, CEO-designate Sashidhar Jagdishan, and company secretary Santosh Haldankar as ‘individual defendants’ and collectively, with the bank, as ‘defendants’.  

Rosen Law filed the suit on September 14 on behalf of investors who purchased HDFC Bank equity between July 31, 2019 and July 10, 2020. Rosen had announced