Xceed Mortgage, a Toronto-based mortgage lender, says it has been served with a statement of claim filed by HSBC Financial in the Superior Court of Ontario. The lawsuit alleges breaches of Xceed's credit and collection policies and related agreements, the company said in a release. "Xceed believes the statement of claim is frivolous and completely without merit and intends to vigorously defend itself in this matter," the lender said. Xceed has about $1.9bn (US$1.88bn) of mortgages and other assets under administration.