independent

Wednesday 16 April 2014

Madoff investors' claim settled

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

British Virgin Islands-registered Kalix Fund had brought claims for $35m (€27.4m) against HSBC Institutional Trust Services (Ireland) Ltd, Grand Canal Square, Dublin, which is an Irish unit 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 on 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 €500m of investors' money 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 and other Madoff companies.

Irish Independent

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