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HSBC settles US class action over Madoff
HSBC said it has agreed to pay $62.5m (£38m) to settle a class action brought against it in the United States over its role in providing administrative services to a fund that placed cash with Wall Street swindler Bernard Madoff.
The action was brought by investors in Thema International Fund, which transferred a net $312m to Madoff, the bank said yesterday.
Madoff is serving a 150-year prison sentence after pleading guilty in March 2009 to orchestrating what is considered to be the biggest Ponzi scheme in history.
HSBC said it continued to “vigorously” defend itself in other Madoff-related proceedings brought against it and its subsidiaries.