Dead fraudset Madoff costs HSBC $1.1 BILLION

Banking giant HSBC has set aside just over a billion pounds following the resolution of an investment fraud case in Luxembourg. HSBC faced a lawsuit from Cayman Islands-based ‘feeder fund’ Herald Fund SPC in 2009, which accused the bank of claiming restitution of securities and cash that it said was lost in the Madoff fraud scandal. A Luxembourg court has rejected HSBC’s appeal in respect of Herald’s securities claim, but did accept it in reference to cash restitution. Read more at the link in the description 🔗 #uk #news #fraud #madoff #hsbc