Madoff's Investment Fraud: HSBC Books $1.1 Billion Provision; Shares Dip - The Times of India

HSBC warns it could take years to settle Madoff case as bank takes $1.1bn hit

Lawsuit over Ponzi scheme drags on London-headquartered lender, whose profits plunge by 14%Business live – latest updatesHSBC has warned it could take years to finally settle a lawsuit over the Bernard Madoff Ponzi scheme, as the bank’s profits fell 14% after it took a $1.1bn (£830m) hit on the 2009 scandal.The London-headquartered bank’s finance chief issued the warning as the provision for the case dragged on HSBC profits, offsetting a jump in…

Madoff's investment fraud: HSBC books $1.1 billion provision; shares dip - The Times of India

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.

HSBC to recognize $1.1 billion provision in third quarter after court ruling in Madoff case

Herald Fund SPC sued HSBC's Luxembourg unit in 2009, claiming restitution of securities and cash it said were lost in the fraud.