Tuesday 19 September 2017

Case linked to Bernie Madoff settled in Commerical Court

ONE of several actions brought on behalf of investors affected by the activities of US fraudster Bernard Madoff and his companies was settled at the Commercial Court today


Kalix Fund Ltd, registered in the British Virgin Islands, had brought claims for €27.4m against HSBC Institutional Trust Services (Ireland) Ltd, Grand Canal Square, Dublin, the Irish arm of European banking giant HSBC.

The case was due to open before Mr Justice Peter Charleton this week but he was told yesterday evening a settlement had been reached. Because certain formalities remained to be completed in relation to the settlement, the judge agreed to adjourn the matter to today when the settlement is expected to be finalised.

No details of the settlement were disclosed.

The case is one of about 50 legal actions brought in the Irish courts against HSBC over allegedly entrusting more than €500 million and US$500 million dollars in investor monies to Bernard Madoff and his companies.

Mr Justice Frank Clarke previously said it seemed investors lost "very substantial" funds channelled to a "fictitious hedge fund" operated by Bernard Madoff Investment Securities LLC (BMIS) and other Madoff companies.

Editor's Choice

Also in Irish News