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HSBC to recognize $1.1 billion provision in third quarter after court ruling in Madoff case
CNBC· 2025-10-27 07:51
A view of the logo of HSBC bank on a wall outside a branch in Mexico City, Mexico, on June 14, 2024.HSBC said on Monday that it will recognize a provision of $1.1 billion in its third quarter results following a court ruling in Luxembourg related to the Bernard Madoff investment fraud case.Herald Fund SPC sued HSBC's Luxembourg unit in 2009, claiming restitution of securities and cash it said were lost in the fraud.The court denied HSBC unit's appeal in respect of Herald's securities restitution claim, but ...