$62.5M Deal Between Madoff Feeder, HSBC Rejected

Law360, New York (September 7, 2011, 6:10 PM EDT) -- A New York federal judge on Wednesday rejected a proposed $62.5 million settlement between HSBC PLC affiliates and a putative class of investors in an Irish feeder fund that allegedly poured money into Bernard L. Madoff's doomed Ponzi scheme.

U.S. District Judge Richard M. Berman said the settlement, as proposed, didn't tell potential class members enough about how much money from the settlement would go toward attorney fees and other litigation costs. That information must be included in notices, according to the judge, who refused to...
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