Bloomberg reports that HSBC Holdings Plc (HSBA) settled a lawsuit over millions in
losses by a fund that invested with Bernard Madoff, ending what would have been
a six-week trial in Dublin the day after it started.
HSBC settled the dispute with Kalix Fund Ltd., a spokesman
said by e-mail today, without disclosing the terms. Kalix sought $35.6 million
from the bank, which it said was responsible for safeguarding the money it
placed in Thema International Fund Plc (TIFHUQE), which invested with Madoff.
HSBC, Europe’s largest lender by market value, was custodian
to Thema and faces more than 50 complaints in Ireland -- including from Thema
itself -- for allegedly failing in its duties to the fund and its investors.
Thema is seeking about 1 billion euros ($1.3 billion) in assets lost after
Madoff’s arrest. Kalix, the first case to reach trial, doesn’t stop others from
pursuing claims with its settlement under Irish rules, according to a Kalix
lawyer….
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