Madoff’s investment fraud: HSBC books $1.1 billion provision; shares dip
HSBC Bank has set aside $1.1 billion for a claim linked to Bernard Madoff’s massive investment fraud. This provision, impacting the bank’s third-quarter results, follows a partial loss in a Luxembourg court appeal. The case involves Herald Fund, which sued HSBC in 2009 after Madoff’s Ponzi scheme collapsed, leaving many investors devastated.🕒 1 min read
HSBC Bank has set aside $1.1 billion for a claim linked to Bernard Madoff’s massive investment fraud. This provision, impacting the bank’s third-quarter results, follows a partial loss in a Luxembourg court appeal. The case involves Herald Fund, which sued HSBC in 2009 after Madoff’s Ponzi scheme collapsed, leaving many investors devastated.
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