A Hong Kong tribunal on Tuesday upheld the bulk of a fine imposed on a unit of HSBC that would be the largest ever meted out by Hong Kong’s securities regulator, The Wall Street Journal reports.

The city’s Securities and Futures Appeals Tribunal ordered HSBC Private Bank (Suisse) SA to pay 400 million Hong Kong dollars (US$51m) for misconduct surrounding products sold to HSBC’s private banking clients between 2003 and 2008. The products included notes that were issued and/or guaranteed by Lehman Brothers.