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HSBC to book $1.1 billion provision after Luxembourg court ruling in Madoff case
Yahoo Finance·2025-10-27 07:00

(Reuters) -HSBC Holdings said on Monday it will recognise a provision of $1.1 billion in its third-quarter results after a Luxembourg court ruling in a long-running lawsuit tied to the Bernard Madoff investment fraud. HSBC became entangled in the Madoff scandal through its role as service provider to several funds that invested with Bernard L. Madoff Investment Securities LLC. Herald Fund SPC sued HSBC’s Luxembourg unit in 2009 seeking restitution of assets it said were lost in the fraud. The Luxembourg ...