August 19, 2011 / 2:10 PM / in 6 years

Xceed shares rise on lawsuit settlement with HSBC Financial

Aug 19 (Reuters) - Shares of insured mortgages provider Xceed Mortgage Corp rose nearly 10 percent on Friday, a day after the company said it settled a lawsuit with HSBC Financial Corp Ltd for a one-time payment of $1.7 million.

Xceed, which will record this amount as a pre-tax charge to income in the third quarter, said it settled without admitting any liability or wrongdoing.

Shares of the Toronto-based company, which has a market capitalization of C$22 million, were trading at 85 Canadian cents on Friday morning on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Roshni Menon)

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