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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/hsbc-fights-back-over-madoff-action.jpg"><img class="alignnone size-full" title="The lawyer in charge of recovering losses for victims of disgraced financier Bernard Madoff is suing HSBC for nine billion US dollars" src="http://londonglossy.com/wp-content/uploads/2010/12/min-hsbc-fights-back-over-madoff-action.jpg" alt="The lawyer in charge of recovering losses for victims of disgraced financier Bernard Madoff is suing HSBC for nine billion US dollars"/></a></p>
<p>British banking giant HSBC says it will &#8220;vigorously&#8221; defend itself against &#8220;unfounded&#8221; claims made by the lawyer in charge of recovering losses for victims of disgraced financier Bernard Madoff</p>
<p>Court-appointed trustee Irving Picard has accused the bank of helping Madoff by creating so-called feeder funds for the convicted fraudster&#8217;s investment firm and is suing the bank for nine billion US dollars (£5.7 billion).</p>
<p>Mr Picard has also accused HSBC of ignoring warnings from its own accountants that Madoff&#8217;s huge investment record was suspicious.</p>
<p>Madoff is serving a 150-year term for a 65 billion US dollar (£41 billion) fraud. He admitted deceiving thousands of investors through a &#8220;Ponzi&#8221; scheme, which paid out using new investors&#8217; money rather than from any profits.</p>
<p>A spokesman for HSBC said: &#8220;HSBC is defending itself vigorously against Madoff-related claims that have been brought against it in various jurisdictions around the world.</p>
<p>&#8220;HSBC believes that the US court-appointed trustee&#8217;s claims of wrong-doing are unfounded and it will defend itself vigorously against those claims as well.&#8221;</p>
<p>The lawsuit, which contains 24 counts of alleged financial fraud and misconduct by HSBC, was filed at the US Bankruptcy Court in New York.</p>
<p>Mr Picard named other defendants in the filing, including the management companies and providers of the feeder funds, which are funds that conduct most of their investing through other funds.</p>
<p>He alleges that the defendants were well aware of the signs of fraud that were already circulating around Bernard L Madoff Investment Securities (BLMIS).</p>
<p>HSBC had twice asked accountants KPMG to identify concerns with BLMIS, and KPMG twice reported serious risks already known to HSBC, Mr Picard claims.</p>
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