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HSBC to pay $62.5M in settlement

June 7, 2011 at 4:30 PM   |   Comments

NEW YORK, June 7 (UPI) -- International bank HSBC said it agreed to pay $62.5 million to settle a class action lawsuit that challenged the bank's role in the Bernard Madoff fraud case.

The case involved HSBC's custodial role for the Thema International Fund, an Irish fund whose investors lost an estimated $312 million by investing in Madoff's securities firm in New York, that was revealed in late 2008 to be a huge Ponzi scheme.

HSBC said it admitted no wrong doing with the settlement.

"The settlement, which is solely in respect of investors in Thema, shall in no way be construed or deemed to be evidence of or an admission … of any any fault or liability or wrongdoing or damage whatsoever," the bank said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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