Reuters reports that HSBC Holdings PLC will have to wait until the end of July to hear whether or not a U.S. judge allows the Madoff firm trustee to proceed with a $9 billion lawsuit accusing the bank of enabling the massive fraud.
Lawyers for the bank argued in Manhattan federal court on Thursday evening that the law did not allow trustee Irving Picard -- trying to recover money for former Madoff customers -- to bring the case of financial fraud and misconduct against HSBC. The bank has denied the allegations.
"I am going to spend a lot of time re-reading the papers," U.S. District Judge Jed Rakoff said at the end of oral arguments. "I will commit to a written decision by the end of July….
Read more about it at:
http://www.chicagotribune.com/business/sns-rt-us-madoff-hsbctre75n0cx-20110624,0,4678370.story
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