Madoff Trustee Targets HSBC Unit In $86M Clawback Suit

Law360, New York (October 27, 2011, 5:31 PM EDT) -- The trustee for Bernard L. Madoff Investment Securities LLC sued Somers Dublin Ltd., an affiliate of HSBC Holdings PLC, on Thursday, seeking to force the Irish company to fork over more than $86.4 million it allegedly received through Madoff's Ponzi scheme.

In an adversary proceeding filed in New York bankruptcy court, Irving Picard alleges Somers Dublin received the money through Madoff feeder funds Fairfield Sentry Ltd. and Harley International Ltd., which made billions of dollars in transfers during the last six years before Madoff's scam was...
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