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HSBC to take $1.1 billion hit after Luxembourg court ruling in Madoff case

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HSBC Holdings said on Monday it will book a $1.1 billion provision in its third-quarter results after losing part of an appeal in a long-running lawsuit tied to Bernard Madoff's Ponzi scheme. HSBC acted as a service provider to several funds that invested with Bernard L. Madoff Investment Securities LLC. Herald Fund SPC sued HSBC's Luxembourg unit in 2009 seeking restitution of assets it said were lost in the fraud. Last Friday, the Luxembourg Court of Cassation rejected an appeal by HSBC's

astăzi

HSBC to take $1.1 billion hit after Luxembourg court ruling in Madoff case https://www.channelnewsasia.com/ - 07:05
HSBC to book $1.1 billion provision after Luxembourg court ruling in Madoff case https://www.channelnewsasia.com/ - 02:58
HSBC to recognize $1.1 billion provision in third quarter after court ruling in Madoff case https://www.cnbc.com - 02:15
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