Politics & Regulation Tax & Legal

Madoff settlements continue as SEC takes action against former employee

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HSBC is the latest to settle claims related to Bernard Madoff, paying $62.5 million to settle claims against various HSBC companies and on behalf of investors in the Thema International Fund, an Irish UCITS fund whose assets were invested with Madoff.

Various HSBC companies provided custodial, administration and similar services to a number of funds outside of the US, whose assets were invested with Madoff, and as a result various HSBC entities have been named as defendants in lawsuits in the US, Ireland, Luxembourg and other jurisdictions.

The net asset value of these HSBC-serviced funds was $8.4 billion