HSBC Settles Fund Investor's Suit Over Madoff Losses

Law360, New York (November 13, 2012, 11:03 PM EST) -- HSBC Holdings PLC on Monday reached a settlement with an investment firm that had accused it of failing to protect the more than $35 million the firm had held in a fund for which HSBC was a custodian and Bernard L. Madoff Investment Securities LLC was a subcustodian.

The suit by British Virgin Islands-based investment company Kalix Fund Ltd., which held $35.6 million in a fund maintained by Thema International Bank PLC, is among several HSBC faces in Ireland, a Kalix attorney from Dillon Eustace told...
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