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HSBC agrees $62.5m Madoff lawsuit settlement
HSBC said it agreed to pay $62.5m (£38.1m) to settle a class action brought against it in the US over its role in providing administrative services to a fund which placed cash with Wall Street swindler Bernard Madoff.
The action was brought by investors in Thema International Fund, which transferred a net $312 million to Madoff, Europe’s biggest bank has said.
Madoff is serving a 150-year prison sentence after pleading guilty in March 2009 to orchestrating what is considered to be the biggest Ponzi scheme in history.
HSBC said it continued to “vigorously” defend itself in other Madoff-related proceedings brought against it and its subsidiaries.