HDFC Bank investors who bought securities between July 17, 2023 and May 26, 2026 have until Oct. 13, 2026 to seek appointment as lead plaintiff in a U.S. securities class action pending in the Southern District of New York. A new notice from The Law Offices of Frank R. Cruz says the complaint alleges HDFC Bank disguised payments as marketing spending to pay higher interest to a state firm and induce deposits, with the conduct allegedly approved by senior management and potentially in violation of regulations and the bank's own policies. Earlier notices from Kahn Swick & Foti and Hagens Berman said the suit centers on about Rs 45 crore, or roughly $4.7 million, allegedly routed to Maharashtra State Road Development Corporation and masked as marketing or sponsorship spending to deliver a 6.01% deposit rate, 2.51 percentage points above what other depositors received. The notices allege the conduct overstated interest income and operating expenses and made the bank's positive statements about its business, operations and prospects materially misleading. Kahn Swick & Foti said an internal investigation in March and April 2026 found more than 10 senior officials responsible, including CEO Sashidhar Jagdishan, while Hagens Berman said the case also names Chief Financial Officer Srinivasan Vaidyanathan and alleges breaches of Reserve Bank of India rules and internal anti-bribery policies. HDFC's New York-listed shares fell $1.02, or 4.1%, to $23.78 on May 27 after The Indian Express reported on the alleged payments, while Hagens Berman previously cited a 7.28% decline in HDFC American Depositary Shares after the March resignation of part-time Chairman and Independent Director Atanu Chakraborty.