On May 7, 2015, HGT Law commenced a lawsuit against HSBC Holdings plc and related entities in the United States District Court for the Southern District of New York. The lawsuit is brought on behalf of two Hong Kong investors in one of the “feeder funds” that funneled money to Bernard Madoff, and alleges that HSBC enabled Madoff and Bernard L. Madoff Investment Securities LLC to perpetrate the largest financial fraud in history.
Specifically, as alleged in the lawsuit, HSBC was custodian and administrator for many of the feeder funds; participated in the preparation of financial reports issued by feeder funds; and structured and sold esoteric financial products that directed millions of dollars to Madoff via the feeder funds. HSBC thus had unparalleled insight into Madoff’s fraud long before his confession and arrest in December 2008. However, HSBC ignored numerous indicia of Madoff’s illegitimate trading activity and fraud, breaching its duties to the investors in the feeder funds, as well as facilitating Madoff’s Ponzi scheme. To learn more about this lawsuit, you can read the filed complaint here.
HGT Law handles a variety of lawsuits for investors, including institutional and individual shareholders and other investors in the financial markets; real estate investors; and businesses owners and entrepreneurs. Among other litigation, HGT Law has brought securities lawsuits and shareholder derivative lawsuits against corporate directors and officers. For more information about the lawsuit against HSBC or any of our other cases, please contact us on 646-453-7288 or via email at firstname.lastname@example.org.