Skip to content
Subscriber Only

HSBC U.S. Win Sends Madoff ‘Hot Potato’ Back to European Courts

HSBC Holdings Plc’s U.S. court victory against Irving Picard, the trustee liquidating con man Bernard Madoff’s management firm, may be a boost for investors who filed lawsuits against HSBC and UBS AG in Europe.

U.S. District Judge Jed Rakoff in New York on July 28 threw out Picard’s suit seeking almost $9 billion, ruling the trustee can’t bring common-law claims against the bank.