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.

U.S. District...
To view the full article, register now.

Documents

Related

Sections

Case Information

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

Law Firms

Companies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.