Could the Bank of England leapfrog the Federal Reserve and cut interest rates first?
The humble Isa is back! Record savers opened accounts this April as one building society reveals 200% jump
What Rachel Reeves is not telling us should alarm voters, says ALEX BRUMMER
The cheaper way to drive: EV charging prices remain flat while the cost of petrol soars, and charging rates are added to forecourt price boards for greater transparency
Investors fall out of love with finfluencers as more head for traditional financial advice
'Mortgages at 2% aren't returning any time soon': As optimism over interest rate cuts this year fades, is a two-year fix still a good bet?
Should you pay as much as possible into your pension? SIMON LAMBERT on the risk to early retirement dreams if the goalposts get moved
Britons cash in on gold price boom by selling it to the Royal Mint: How do you buy AND sell bars and coins... and what's the best way?
MARKET REPORT: Growth across Italy and Spain help Trainline post a big leap in annual sales and profits
Apple adds more than £145bn to its value after unveiling largest share buyback in corporate history
HSBC's chairman jeered by furious former staff who say bank is unfairly clawing back a chunk of their pensions
Glencore plotting a takeover offer for Anglo American that would spark a bidding war with rival BHP
Competition watchdog sounds alarm over Pennon's takeover of Sutton and East Surrey Water
Shares in owner of make-up company Charlotte Tilbury lose their early shine on stock market debut
Spruce up your portfolio: Three Great British brands that could benefit from DIY boom
INVESTING EXPLAINED: What you need to know about primary listings - the stock market where a company's shares first went public
SHARE OF THE WEEK: BP shareholders looking for answers about planned transition away from fossil fuels with first quarter results
The best buy-to-let mortgages for landlords: Should they fix or risk a tracker?
No Time To Buy: We reveal which film characters could ACTUALLY afford their car - and Bond's got some saving to do
Hargreaves Lansdown will refund £100 in share dealing fees to customers - is it a deal worth taking?
What are passkeys? Experts say they will replace 'unfit for purpose' passwords to keep your money and data safe online
Do I have to pay capital gains tax if I sell my bitcoin but don't take the cash out of my crypto account?
Shawbrook Bank didn't transfer my cash Isa and then paid just 0.1% interest for days - has it taken advantage of me?
We're financial experts - this is how you can use your Isa and pension to grow your wealth in the new tax year

HSBC pays £38m to settle a Madoff case

By Daily Mail Reporter
Updated: 05:06 EDT, 8 June 2011

View
comments

Banking giant HSBC agreed to pay £38m to settle one of the many cases it faces for its role in the Bernard Madoff fraud scandal.

The class action lawsuit was brought by investors in Thema International, a Dublin-based investment fund which transferred £190m to Madoff.

The investors claimed they lost money because of HSBC's failure to alert it to problems surrounding the Wall Street swindler who is serving a 150-year prison sentence for orchestrating the world's biggest Ponzi scheme.

HSBC, which acted for many funds which invested in Madoff Securities, said the settlement was made 'without any admission of wrongdoing or liability'.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.