facebook
twitter
search
search

HSBC to pay $62.5M in settlement

June 7, 2011 at 4:30 PM

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.

Related UPI Stories
Latest Headlines
Trending Stories
Chelsea Clinton accidentally calls Bernie 'President Sanders'
Watch every star-studded Super Bowl commercial of 2016
Susan Sarandon responds to Piers Morgan criticizing cleavage
Two Virginia Tech students plotted 13-year-old's death, prosecutors said
Colin Powell, Condoleezza Rice got classified email on private accounts