According to Bloomberg, HSBC is being sued by the trustee liquidating the Madoff businesses, Irving Picard, who claims $578 million in fake profits. It names among others HSBC Securities Services (Luxembourg) S.A.
The case is filed at the U.S. Bankruptcy Court of lower Manhattan.
Another lawsuit, filed in Luxembourg earlier this year by Herald Fund against HSBC Securities Services (Luxembourg) S.A. claims €1.6 billion ($2.24 billion).
Through this claw back action the trustee seeks to recuperate fake profits distributed to Madoff investors.
Go to: http://www.bloomberg.com/apps/news?pid=20601103&sid=ap_IrHXWzEFk
Egide Thein
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