HSBC sued by Madoff claims lawyer

HSBC sued by Madoff claims lawyer

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The lawyer in charge of recovering losses for victims of disgraced financier Bernard Madoff is suing HSBC for nine billion US dollars

The lawyer in charge of recovering losses for victims of disgraced financier Bernard Madoff is suing British banking giant HSBC for nine billion US dollars (£5.7 billion).

Court-appointed trustee Irving Picard has accused HSBC of helping Madoff’s scheme by creating a dozen so-called feeder funds across the world.

Mr Picard has also accused the bank of ignoring warnings from its own accountants that Madoff’s huge investment record was suspicious.

Madoff is serving a 150-year term for a 65 billion US dollar (£41 billion) fraud. He admitted deceiving thousands of investors through a Ponzi scheme, which paid out using new investors’ money rather than from any profits.

The lawsuit, which contains 24 counts of alleged financial fraud and misconduct by HSBC, was filed at the US Bankruptcy Court in New York on Sunday.

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