Lawsuit Filed Against Xceed Mortgage (TORONTO: XMC)

BMO Capital Markets released a notice alerting investors a lawsuit filed against Xceed Mortgage (TORONTO: XMC).

The notice reads, “XMC acknowledged that it had been served with a Statement of Claim
filed by HSBC Financial Corporation Limited in the Superior Court of
Ontario alleging, among other things, certain breaches of XMC's credit
and collection policies and related agreements. The company believes the
claim is frivolous and completely without merit and intends to vigorously
defend itself in this matter.”

BMO rates XMC as Underperform and sets a price target of $1.50 for the stock.