A presumption of the logo of HSBC slope connected a partition extracurricular a subdivision successful Mexico City, Mexico, connected June 14, 2024.
Henry Romero | Reuters
HSBC said connected Monday that it volition admit a proviso of $1.1 cardinal successful its 3rd 4th results following a tribunal ruling successful Luxembourg related to the Bernard Madoff concern fraud case.
Herald Fund SPC sued HSBC's Luxembourg portion successful 2009, claiming restitution of securities and currency it said were mislaid successful the fraud.
The tribunal denied HSBC unit's entreaty successful respect of Herald's securities restitution claim, but accepted the unit's entreaty successful respect of the currency restitution claim.
The slope volition present prosecute a 2nd entreaty earlier the Luxembourg Court of Appeal, and added that if unsuccessful, it would contention the magnitude to beryllium paid successful consequent proceedings.
In its interim report for 2025 released successful July, HSBC said Herald had claimed a restitution of securities and currency of $2.5 cardinal positive interest, oregon damages of $5.6 cardinal positive involvement from HSBC.
HSBC said that assorted non-U.S. HSBC companies provided custodial, medication and akin services to a fig of funds whose assets were invested with Bernard Madoff Investment Securities.
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