HSBC Should Reveal Reports on Madoff Risk, Judge Says
Friday, August 20, 2010 : PermalinkBloomberg – HSBC Holdings Plc, Europe’s biggest bank, should turn over internal reviews of potential fraud and other operational risks at Bernard Madoff’s business from 2006 and 2008, a New York judge ruled.
U.S. Bankruptcy Judge Burton Lifland agreed on Aug. 17 to seek an order from the High Court in London forcing HSBC to hand over reports, contracts, audio recordings and documents related to examinations of Madoff’s firm conducted by an affiliate of KPMG International. HSBC acted as custodian bank for several funds that invested with the con man.
