Fund's Madoff-Related Claims Against HSBC Get The Ax

Law360, New York (December 16, 2011, 5:36 PM EST) -- A California federal judge on Thursday dismissed claims brought against HSBC Bank USA NA by a hedge fund that sought to rescind a $16 million synthetic leveraged investment in a fund fraudulently managed by Bernard Madoff.

Wailea Partners LP invested, through HSBC, in a swap contract — a transaction in which the value of one asset is swapped for the value of another — linked to the performance of a Madoff-managed fund that did not in fact contain the money Wailea believed it did.

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Case Title

Wailea Partners, LP v. HSBC Bank USA, N.A.


Case Number

3:11-cv-03544

Court

California Northern

Nature of Suit

Contract: Other

Judge

Samuel Conti

Date Filed

July 19, 2011

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