HSBC Retools Proposed $62.5M Madoff Settlement

Law360, New York (November 28, 2011, 8:46 PM EST) -- HSBC Holdings PLC on Monday submitted a modified version of a proposed $62.5 million settlement with a class of investors in a Madoff feeder fund, in a bid to reverse a judge's earlier decision to shoot down the deal.

HSBC attorney Evan A. Davis of Cleary Gottlieb Steen & Hamilton LLP said the revised deal is “fair, reasonable and adequate” for investors in Ireland-based Thema International Fund PLC, an HSBC-administered fund by that allegedly failed to notice red flags connected with Bernard L. Madoff's Ponzi scheme....
To view the full article, register now.