HSBC settles Madoff claims for $62.5 mn
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HSBC on Tuesday agreed to pay $62.5 million to settle class action claims by investors in a fund that had invested with Bernard L Madoff, who was jailed for fraud.
HSBC, which was named as a defendant in several lawsuits, serviced several funds outside the United States, including the Thema International Fund in Ireland, which invested assets with Madoff’s firm. HSBC had acted as a custodian and provided administration and other services, the banks said in a statement.
The settlement with the Thema fund investors is “without any admission of wrongdoing or liability,” said HSBC, one of Europe’s largest banks.
In 2009, Madoff was found guilty of running a huge Ponzi scheme. He is now serving a sentence of 150 years. HSBC estimates that Thema investors lost about $312 million by investing with Madoff. Assets across all such funds totaled about $4.3 billion, the bank said.
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