HSBC Settles Madoff Feeder Suit For $62.5M

Law360, New York (June 7, 2011, 2:06 PM EDT) -- HSBC Holdings PLC on Tuesday agreed to a $62.5 million settlement in a class action brought in New York federal court by investors in an Irish investment fund that pumped money into Bernard L. Madoff's Ponzi scheme.

The partial settlement calls for all investors in the Thema International Fund PLC to hand over their remaining claims to the lead plaintiff in the case, Neville Seymour Davis, and sets aside $10 million for Davis to pursue further claims against the remaining defendants, including Bank Medici AG and...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.