Skip to main content

The Globe and Mail

HSBC agrees $62.5-million Madoff lawsuit settlement

HSBC said it agreed to pay $62.5-million (U.S.) to settle a class action brought against it in the United States 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 said on Tuesday.

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.

Story continues below advertisement

HSBC said it continued to "vigorously" defend itself in other Madoff-related proceedings brought against it and its subsidiaries.

Report an error
Comments are closed

We have closed comments on this story for legal reasons. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.