HSBC Sued for $9 Billion in Claim by Madoff Trustee
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HSBC Holdings Plc, Europe’s biggest lender, was sued for $9 billion over claims it aided Bernard Madoff’s fraud through a network of feeder funds in Europe, the Caribbean and Central America.
Irving H. Picard, trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, sued HSBC and a dozen feeder funds in U.S. Bankruptcy Court in Manhattan, Picard said in a statement. The claim is the latest by Picard, who faces a Dec. 11 deadline for suits claiming money from parties alleged to have profited from Madoff’s fraud.