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Law360, New York (January 25, 2012, 5:11 PM EST) -- HSBC Holdings PLC has withdrawn its $62.5 million settlement offer to a putative class of foreign investors in a feeder fund for Bernard L. Madoff's Ponzi scheme, the bank said Monday,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