HSBC Settles Thema Fund’s Suit Over Madoff-Linked Losses
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Thema International Fund Plc and HSBC Holdings Plc settled a lawsuit over the London-based bank’s liability for the fund’s losses of about $1.1 billion through Bernard Madoff’s Ponzi scheme.
HSBC and Thema said the deal, for an undisclosed amount, doesn’t include an “admission of liability on the part of any party.” The settlement needs to be approved by Thema shareholders, who are expected to meet in July for that purpose, the parties said in a joint statement today.