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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.

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

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