HSBC Settlement With Madoff Feeder Investors Junked

Sep 9 2011 | 12:39pm ET

HSBC can't escape liability for its role as the custodian for a Bernard Madoff feeder fund for a mere $62.5 million.

A federal judge in New York has rejected that proposed settlement with investors in the Thema International Fund. U.S. District Judge Richard Berman blasted a number of "obvious deficiencies," including a provision giving $10 million to the lawyers in the class action suit to sue non-settling defendants outside of the U.S.

The proposed settlement is "not fair, reasonable or adequate, even at this preliminary stage," Berman ruled.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of