Irish investment funds sue HSBC
16-01-2009
A report in the Irish Independent newspaper says two Dublin-listed investment funds have taken HSBC to court, after falling prey to the alleged 50 billion US-dollar fraud perpetrated by Bernard Madoff. The bank was a custodian of the fund managed by the former Nasdaq chairman, and was supposed to keep an eye on the assets under the fund. The newspaper said the move came after lawsuits in Luxembourg and the threat of legal action in Switzerland in connection with the alleged pyramid scheme run by Mr Madoff.
