HSBC Kills $62.5M Deal With Madoff Fund Investors

Law360, New York (January 25, 2012, 5:11 PM EST) -- HSBC Holdings PLC has withdrawn its $62.5 million settlement offer to a putative class of foreign investors in a feeder fund for Bernard L. Madoff's Ponzi scheme, the bank said Monday, citing a New York federal judge’s decision that the case belongs overseas.

The announcement marks the end of a contentious deal to resolve a case over losses suffered by Neville Seymour Davis and other investors in Thema International Fund PLC, an HSBC-administered fund with ties to Madoff’s massive fraud. The fund had a net asset...
To view the full article, register now.

Related

Sections

Case Information

Case Title

In re Herald, Primeo and Thema Funds Securities Litigation


Case Number

1:09-cv-00289

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Richard M. Berman

Date Filed

January 12, 2009

Law Firms

Companies

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.